FIPB clears Axis Bank proposal to raise FDI limit to more than 49%

The Foreign Investment Promotion Board (FIPB) today approved a proposal of Axis Bank to increase the limit on overseas holdings in the lender to more than 49 percent.

hidden September 19, 2013 17:16:10 IST
FIPB clears Axis Bank proposal to raise FDI limit to more than 49%

New Delhi: The Foreign Investment Promotion Board (FIPB) today approved a proposal of Axis Bank to increase the limit on overseas holdings in the lender to more than 49 percent.

The proposal was cleared at an FIPB meeting chaired by Economic Affairs Secretary Arvind Mayaram, sources said.

FIPB clears Axis Bank proposal to raise FDI limit to more than 49

Reuters

The FIPB approved raising the foreign equity holding in Axis Bank to 62 percent from 49 percent, subject to the condition that the holding of foreign institutional investors does not exceed 49 percent.

At present, the FII holding in the bank is 40.7 percent while domestic institutional investors have 8.77 percent.

Axis Bank had approached the FIPB last month after the RBI said the limit of investments through Global Depository Receipts (GDRs), American Depository Receipts (ADRs), FDI, NRI and FIIs in the bank had breached the overall limit of 49 percent of its paid-up capital.

Shares of Axis Bank closed at Rs 1,140.25, up 5.56 percent on the BSE.

PTI

Updated Date:

also read

Is Installing Software A Service Or Sale Of Goods?
Biztech

Is Installing Software A Service Or Sale Of Goods?

Bombay High Court hears a case involving Axis Bank and the Municipal Corporation in this regard.

Axis Bank raises FD interest rates: See fixed deposit return calculator for senior citizens
Business

Axis Bank raises FD interest rates: See fixed deposit return calculator for senior citizens

Axis Bank is now providing an interest rate of 3.5 percent for FDs maturing in 7 days to 45 days

Axis Bank stock rises 4% after CEO & MD Shikha Sharma's tenure shortened
Business

Axis Bank stock rises 4% after CEO & MD Shikha Sharma's tenure shortened

The Axis Bank board on Monday curtailed the fourth term of Shikha Sharma to seven months following an unusual request from her that she be relieved on December 2018, 29 months ahead of the scheduled term