The government is proposing to sell its stake in Axis Bank aiming to raise Rs 30 billion to Rs 40 billion. The stake is held by a state run trust fund. According to Alok Tandon, joint secretary in the department of disinvestment, the government holds 20.7% stake in the bank through Specified Undertaking of the Unit Trust of India (SUUTI). The government hopes to complete the proposed 10% stake sale by March end. SUUTI is likely to hold the remaining 10% stake for a while. SUUTI was formed in 2003 with the leftover assets of US-64 scheme of Unit Trust of India, following a bailout of the mutual fund.