Deals
India Likely to Sell Axis, ITC, Larsen Shares Through ETF
- New exchange-traded fund said to be launched later this year
- Fund said to be larger than similar ETF used by government
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India’s government is likely to sell part of the stakes it holds in Axis Bank Ltd., ITC Ltd. and Larsen & Toubro Ltd. through an exchange-traded fund this year, people familiar with the matter said. Shares of the three companies fell.
The new ETF would be larger than the Central Public Sector Enterprises ETF, a fund unveiled in 2014 that’s made up of the government’s shares in state-owned companies, the people said, asking not to be identified as a final decision regarding size and timing of the latest sales hasn’t been made yet.