Axis Bank Divests Stake in National Highways Infra Trust

Axis Bank has divested a 1.3% stake in the National Highways Infra Trust for Rs 230 crore via an open market transaction. NHIT was set up by NHAI to support the National Monetisation Pipeline. The units sold amounted to over 1.71 crore, at an average price of Rs 133.80 each.

Private sector lender Axis Bank announced its divestment of a 1.3% unitholding in National Highways Infra Trust (NHIT) for approximately Rs 230 crore through an open market transaction this Wednesday.

The infrastructure investment trust, sponsored by the National Highways Authority of India (NHAI), was established in 2021 to aid the government's National Monetisation Pipeline. Axis Bank offloaded over 1.71 crore units, achieving a transaction value of Rs 229.80 crore at Rs 133.80 per unit on average.

While the buyer(s) of these units remain unidentified, NHIT's unit value dropped by 3.31% to close at Rs 133.68 per unit on the BSE. In a related development, NHIT's Southern Projects secured approval from the Competition Commission of India to acquire concession rights for 11 road projects via the automatic green channel.

(With inputs from agencies.)