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The Specified Undertaking of the Unit Trust of India (SUUTI) has offered to sell nearly 2 per cent stake in Axis Bank through offer for sale (OFS).

SUUTI may sell up to 5.8 crore shares at the floor price of Rs 680 per share, and this will help the government raise up to Rs 3,949.34 crore.

"The seller proposes to sell up to 36,000,000 equity shares of the company, (representing up to 1.21 per cent of the total issued and paid up equity share capital of the company as on March 31, 2021), on May 19, 2021, (T day) (for non-retail investors only)," Axis Bank said in a regulatory filing.

Retail investors and non-retail investors, including who choose to carry forward their unallocated bids will be able to participate on May 20, (T+1 day), and there would be an option to additionally sell 22,078,568 equity shares, representing 0.74 per cent of the total issued, subscribed and fully paid-up equity share capital.

Shares of Axis Bank on the BSE closed at Rs 711.90, higher by Rs 2.65 or 0.37 per cent from its previous close.