The government of India has invited bids from nine investment bankers for the sale of 12% of the 20.72% stake it owns in Axis Bank. The proposed sale is expected to rause around Rs 6,000 crore for the government. The government owns the shares through The Special Undertaking of Unit Trust of India, or SUUTI. The proposed sale will pare SUUTI’s stake in Axis Bank to 8.72%, with insurers such as Life Insurance Corporation of India and General Insurance Corporation among others owning 13.16% under the promoters’ category in the bank. Under SUUTI, the government also owns shares in ITC and Larsen & Toubro. The total value of these shares in the three companies is of the order of Rs 48,200 crore.
