)
In December, SUUTI held six lakh shares representing a 0.02% stake in the bank, which was down from 1.6% in September 2022. According to the stock exchange data, as of end-March 2023, the stake was down to zero. The derecognition as a promoter also takes away the right to appoint a nominee director on the bank’s board.
Axis Bank has said the board of the bank approved in its April 28 meeting SUUTI’s request to reclassify it to ‘public’ category from ‘promoter’, subject to the approval of the exchanges and other authorities.
The Unit Trust of India (UTI), the country’s first mutual fund, was one of the financial institutions along with IDBI and ICICI that was granted a licence to set up a private bank. UTI Bank was set up in 1993 with participation from public sector insurance companies. After the collapse of UTI and its subsequent restructuring in 2002, its strategic shareholding including those held in ITC, L&T and Axis Bank were transferred to SUUTI to be managed by an administrator on behalf of the government.
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