Axis Bank has divested a 1.3% stake in National Highways Infra Trust (NHIT) for Rs 2.3 billion through an open market transaction. 

NHIT, an infrastructure investment trust (InvIT) sponsored by NHAI, was established in 2021 under the National Monetisation Pipeline initiative. According to BSE bulk deal data, Axis Bank sold 17.1 million units at an average price of Rs 133.80 per unit, valuing the transaction at Rs 2.29 billion. 

The details of the buyer(s) remain undisclosed. On March 26, NHIT units closed 3.31% lower at Rs 133.68 per unit on the BSE. 

Last week, SBI Mutual Fund also sold a 4.7% stake in NHIT for Rs 8.15 billion. Meanwhile, NHIT Southern Projects, a subsidiary, received approval from the Competition Commission of India (CCI) to acquire concession rights for 11 road projects from NHAI under the automatic green channel route. 

(money.rediff)