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Govt plans to sell Axis Bank stake

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.

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