The Specified Undertaking of the Unit Trust of India (SUUTI), under the Union government, will sell its 1.55% stake or 4.65 crore shares in Axis Bank.

The offer for sale (OFS) of 4.65 crore shares will fetch the government Rs 4,000 crore at the current market price. Shares of Axis Bank closed Wednesday at Rs 874.35, up 0.17% over the previous close on the BSE.

The floor price for the sale is fixed Rs 830.63 per share. 

Around 4.65 crore shares of Axis Bank will go on the block on 10 and 11 November, at a floor price of Rs 830.63 per share, Axis Bank said in a regulatory filing.

With the sale, the government would completely exit the private sector lender.

As of September, the SUUTI held 4,65,34,903 shares representing a 1.55% stake of the bank.

Shares held in dematerialised form in one or more demat accounts with the relevant depository participant will be offered for sale on November 10, (‘T day’) for non-retail investors only and on November 11 (T+1 day) for retail and non-retail investors.

Only mutual funds that are registered with SEBI and insurance companies under IRDAI shall be allocated more than 25% of the OFS.

In May last year, the government sold 1.95% stake in Axis Bank held through SUUTI for a consideration of Rs 4,000 crore.