Jones Day is advising the underwriters on the Indian government’s $905 million sale of part of its stake in Axis Bank Ltd., the country’s third-largest private lender.

The Unit Trust of India, which holds state-owned shares in private enterprises, was represented by in-house counsel in the deal, which will see the government’s stake in Axis reduced from 20.7 percent to 11.7 percent.

The deal is part of a larger effort by the Indian government to reduce its budget deficit by selling assets. In December, the government raised $260 million through the $1.1 billion sale of shares in state-run Power Grid Corp. of India Ltd.

Singapore partner Manoj Bhargava led a Jones Day team advising J.P. Morgan India, Citigroup India and JM Financial as joint bookrunners, with Amarchand Mangaldas & Suresh A. Shroff & Co. Mumbai partners Yash Ashar and Abhimanyu Bhattacharya as Indian counsel.