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Govt may sell stake in Axis Bank

The government may sell a part of its stake in Axis Bank. The government’s 11.7% stake in the bank is valued around Rs 11,240 crore. The stake is held through the Specified Undertaking of the Unit Trust of India (SUUTI) to meet shortfall in disinvestment proceeds and revenue collection during the current fiscal. SUUTI has earlier offloaded 9% stake in the bank in March 2014, which helped raise Rs 5,500 crore.

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