SUUTISpecified Undertaking of the Unit Trust of India
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As per the Request for Proposal, SUUTI the government plans to appoint up to three merchant bankers and selling brokers for assisting and advising on the SUUTI Holdings for a period of three years.
SUUTI currently holds 11.7 per cent stake in Axis Bank after selling off 9 per cent stake in the lender in March 2014, which helped mobilise ` 5,500 crore.
Summary: New Delhi [India], August 4 (ANI): Finance Minister Arun Jaitley on Friday unveiled a new Exchange Traded Fund (ETF), Bharat 22, consisting of 22 stocks of Central Public Sector Enterprises (CPSE), Public Sector Banks (PSB) and strategic holding of Specified Undertaking of Unit Trust of India (SUUTI).
After years of deliberations, the government has finally decided to offload part of its stake in engineering and constructions major Larsen and Toubro (LandT), held in SUUTI (Administrator Of The Specified Undertaking Of The Unit Trust of India) for nearly Rs 4,000 crore through block deals in Friday's session.
The targeted mop- up from the sale of the government's residual stake in private companies too has been lowered to ` 3,000 crore this fiscal from a budgeted ` 14,000 crore by way of selling Axis Bank shares held by Specified Undertaking of the Unit Trust of India ( SUUTI).
State-owned Specified Undertaking of the Unit Trust of India (SUUTI) has said that it aims to sell part of its stake in Axis Bank Limited (532215.BO) (AXBK.NS) within the next four months, the Economic Times has reported.
The Budget disinvestment target of ` 30,000 crore, the panel said, could be met by selling minority stakes in companies like SUUTI, Hindustan Zinc and Balco.
However, the company will not issue any new shares to its largest founder - Specified Undertaking of Unit Trust of India, or SUUTI.