“The OFS of Axis Bank received great response from shareholders together with Specified Undertaking of the Unit Trust of India (SUUTI) garnering about $4,000 crore (susceptible to understanding ). Thanks to all for their involvement,” Department of Investment and Public Asset-management (Dipam) secretary Tuhin Kanta Pandey tweeted. .

The Centre’s bid to market a vast majority component of its remaining stake in Axis Bank started well with this matter, that opened to non-retail investors Wednesday, becoming over subscribed four times its base measurement. Pandey on Wednesday reported the SUUTI has chosen to exercise the greenshoe option to promote a total of 5-8 million equity stocks or 1.95percent of this stake it holds in Axis Bank.

the federal government had sold almost 1 crore stocks of Axis Bank worth approximately $600 crore a year ago held by SUUTI, taking benefit of this equity marketplace.

SUUTI held a 3.45{4298251308cd288b939effe95b4c029e39df70679b4587e1449e43e4b08368d8} stake in the bank at 31 March, in accordance with change filings. After the most recent purchase, its own share holding at the lending company is very likely to return to 1.5 percent.

Parliament bifurcated UTI at 2002 after the business’s US-64 investment decision plan ran in to issue, creating SUUTI along with UTI Asset Management Co.. Pvt. Ltd.. The previous holds the assured-return investment plans of UTI and the latter manages the market-linked plans.

SUUTI has minority stakes in several listed and unlisted firms, with the majority of its value closed in hotels-to-personal maintenance conglomerate ITC Ltd (7.93percent ) and construction technology business Larsen & Toubro Ltd (1.8percent ). It’d earlier sold most of its position in L&T.