India sells nearly half its Axis Bank stake

The government raises $912 million through India's largest block deal this year.

Axis Bank’s share price slipped as much as 3.3% in Friday’s morning session as India’s government sold a 55.6 billion rupee $912 million stake in the bank to the market in India’s largest block deal this year.

The government, which is the largest shareholder in the bank through a trust called the Specified Undertaking of the Unit Trust of India SUUTI, has disposed of 42.26 million shares or 9% of Axis Bank’s share capital at 1,315.14 rupees each.

Bookrunners sold the shares at an average price of 1313.25 rupees to investors during smaller block trades in the secondary market on Friday.

The price...

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