Axis Bank stake sale to be a block deal: Sources

Jan 23, 2014, 12.42 PM IST

The Cabinet Committee of Economic Affairs (CCEA) has also approved selling government's stake in Hindustan Zinc and Balco, valuation of which may be done by either the mines ministry or the department of divestment.

Tags  Axis Bank, SUUTI, Indian Oil Corporation, Oil and Natural Gas Corporation, Oil India, ONGC , Indian Oil Corporation , Oil India

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Axis Bank stake sale to be a block deal: Sources

The Cabinet Committee of Economic Affairs (CCEA) has also approved selling government's stake in Hindustan Zinc and Balco, valuation of which may be done by either the mines ministry or the department of divestment.

Like this story, share it with millions of investors on M3

Axis Bank stake sale to be a block deal: Sources

The Cabinet Committee of Economic Affairs (CCEA) has also approved selling government's stake in Hindustan Zinc and Balco, valuation of which may be done by either the mines ministry or the department of divestment.

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The stake sale of Specified Undertaking of UTI (SUUTI) in Axis Bank , which is part of the government's disinvestment process, is likely to take place through block trade, sources tell CNBC-TV18. Sale of 10 percent government stake in Indian Oil Corporation to ONGC and  Oil India may also be done via block deal.

The government has budgeted Rs 14,000 crore by way of residual stake sale in companies in which it does not hold a majority stake. SUUTI has appointed three merchant bankers JP Morgan, Citigroup Global Markets and JM Financial Consultants for sale of its stake in Axis Bank.

Meanwhile, the Cabinet Committee of Economic Affairs (CCEA) has approved selling government's stake in Hindustan Zinc and Balco as well, valuation of which may be done by either the mines ministry or the department of divestment.

Axis Bank stock price

On January 23, 2014, at 14:10 hrs Axis Bank was quoting at Rs 1206.35, up Rs 19.50, or 1.64 percent. The 52-week high of the share was Rs 1549.00 and the 52-week low was Rs 764.00.

The company's trailing 12-month (TTM) EPS was at Rs 126.37 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.55. The latest book value of the company is Rs 705.53 per share. At current value, the price-to-book value of the company is 1.71.

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