Specified Undertaking of UTI (SUUTI), formed in 2003, is an offshoot of erstwhile UTI. It holds 11.72 percent in Axis Bank; 11.27 percent in ITC and 8.18 percent in Larsen & Toubro.
The government is keeping all options open, including floating an Exchange Traded Fund, for selling stakes in companies like L&T and ITC held through SUUTI, Finance Secretary Arvind Mayaram said today. "All options open. We are evaluating ETF option for SUUTI stake sale. No final decision taken taken on SUUTI stake sale," Mayaram said here.
Specified Undertaking of UTI (SUUTI), formed in 2003, is an offshoot of erstwhile UTI. It holds 11.72 percent in Axis Bank ; 11.27 percent in ITC and 8.18 percent in Larsen & Toubro . The government had sold 9 percent stake in Axis Bank held through SUUTI in March through the bulk deal on the stock exchanges.
In March, the government had successfully launched the ETF comprising shares of 10 PSUs. The ETF has registered handsome gains since its launch. The government proposes to raise Rs 15,000 crore in the current fiscal through sale of residual stakes in private companies. It plans to raise Rs 43,425 crore through stake sale in PSUs.
Axis Bank stock price
On September 23, 2014, Axis Bank closed at Rs 399.35, down Rs 8.9, or 2.18 percent. The 52-week high of the share was Rs 423.70 and the 52-week low was Rs 199.15.
The company's trailing 12-month (TTM) EPS was at Rs 27.45 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.55. The latest book value of the company is Rs 162.03 per share. At current value, the price-to-book value of the company is 2.46.
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