Mumbai: The Specified Undertaking of the Unit Trust of India (SUUTI) will pare holdings in ITC Ltd, Larsen and Toubro Ltd (L&T) and Axis Bank Ltd in the first phase of divesting minority stakes it owns in 51 companies. Based on Monday’s closing prices, SUUTI’s holding in ITC is worth Rs.33,908.73 crore, in Axis Bank Rs.14,818.77 crore and L&T Rs.12,057.64 crore. The government, which detailed the sale strategy on Monday, also eased a conflict-of-interest clause for investment bankers to attract more bankers to the proposed sale. Group A, which includes its holding in ITC, L&T and Axis Bank, will be up for divestment first. SUUTI, an offshoot of the erstwhile state-run investment firm Unit Trust of India (UTI), has shares in 43 listed and eight unlisted firms.

Source: Mint July 25, 2016 18:33 UTC