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Govt sells part of stake in Axis Bank

The union government, which owns a stake in Axis Bank through the Specified Undertaking of the Unit Trust of India ( SUUTI), is expected to raise about Rs 5,500 crore by selling a part of this stake – 9%, or 4.22 crore shares to be specific. The sale will happen as block trades on bourses. The move will boost government’s fund mobilisation via share sale to over Rs 21,000 crore, surpassing its revised estimate of a total Rs 19,000 crore from asset disposals for the current fiscal year, as mentioned in the interim budget for 2014-15. This will be the government’s largest fund-raising exercise this fiscal year. Earlier this month, the government sold a 10% stake in its largest oil marketing company, Indian Oil Corporation for Rs 5,340 crore to other state-run companies, ONGC and Oil India.

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