SUUTISpecified Undertaking of the Unit Trust of India
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Currently, the government, through SUUTI also holds stakes in ITC and Axis Bank.
The government holds minority stake in these companies through SUUTI, which was formed in 2003 as an offshoot of erstwhile UTI, and is looking at selling them either through an OFS, block deal, bulk deal or regular sale through stock exchanges.
The bankers would have to put in a single consolidated bid for the entire SUUTI Holdings.
Of the 51 companies in which SUUTI holds stake, 8 are unlisted entities -- NSDL, STCI Finance, Over The Counter Exchange, Stock Holding Corporation of India, UTI- IAS Ltd and UTI Infrastructure Technology Services, North Eastern Development Finance Corporation and NSDL e- Governance Infrastructure.
Sale of SUUTI holdings would help swell government's disinvestment kitty.
It has also cleared the sale of Axis Bank shares held through SUUTI, which has appointed three merchant bankers to manage the process.
The government expects to raise more than the budgeted R 5,000 crore by selling its stocks in companies held through SUUTI in FY15, If the plan materialises.
40,000 crore, if the stake sale of SUUTI and the special dividend given by Coal India and NMDC are taken into consideration
The government wants to sell its stake in Axis Bank, which forms a part of the SUUTI portfolio.
There are signals on SUUTI s complete departure from Axis Bank, which operates overseas offices in Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.