The government is set to earn close to Rs 4,000 crore from its stake sale in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI).

The sell will be up to 58 million equity shares at a floor price of Rs 680.

The offer for sale will open on 19 May for non-retail investors and on 20 May for retail investors with an option to additionally sell 22 million equity shares, the bank said in a regulatory filing.

SUUTI proposes to sell up to 3.6 crore equity shares, representing 1.21% of paid up equity share capital. It also retains the option to sell another 2.2 crore shares or 0.75% of equity share capital.

As of 31 March, SUUTI holds 10.32 crore shares, or 3.45%, in Axis Bank. With the latest sale, SUUTI’s shareholding in Axis Bank is likely to come down to 1.5%.

Last year, the government sold nearly 10 million shares of Axis Bank worth around Rs 600 crore.

When UTI’s US-64 investment plan faced trouble, the government bifurcated UTI to create SUUTI and UTI Asset Management Co. Pvt. Ltd. SUUTI came into force on 1 February 2003.

SUUTI holds minority stakes in companies like ITC Ltd (7.93%) and Larsen & Toubro Ltd (1.8%).