Axis Bank down 3% as non-retail investors start bidding for government stake

ICICI Securities, Citigroup Global Markets India and Morgan Stanley India are acting as brokers on behalf of the seller

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Share price of Axis Bank fell 3 percent on November 10 as non-retail investors started bidding in the government’s offer-for-sale (OFS) of 1.55 percent stake in the private lender.

At 11 am, the stock was quoting at Rs 848.10 apiece on the National Stock Exchange, down by 2.93 percent. At the same time, non-retail category of the OFS had seen subscription of 4 percent.

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The category has mopped up bids for 16 lakh equity shares against issue size of 4.18 crore shares.

On November 9, Axis Bank informed exchanges that the government, through the Specified Undertaking of the Unit Trust of India or SUUTI, would sell 4.65 crore shares at a floor price of Rs 830.63.

“On November 10, 2022, the OFS is for non-retail investors only and on November 11, 2022 for retail investors and for non-retail investors, including who choose to carry forward their un-allocated bids,” according to the filing.

ICICI Securities, Citigroup Global Markets India and Morgan Stanley India are acting as brokers on behalf of the seller, it added. From this sale, the government expects to garner Rs 4,000 crore and completely exit its stake in Axis Bank.

A week earlier, US-based private equity major Bain Capital had offloaded a 0.54 percent stake in Axis Bank for Rs 1,487 crore through open market transaction.

Axis Bank, notably, recorded a strong performance in the September 2022 quarter, with its net profit rising 70 percent on-year to Rs 5,330 crore. The lender’s net interest income went up by 31 percent on-year to Rs 10,360.3 crore, and the net interest margin had came in at 3.96 percent, which was a rise of 57 bps year-on-year.

According to Bloomberg data, 46 analysts have a ‘buy’ call on the stock, four have a ‘hold’ call and there are zero ‘sell’ calls.