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Axis Bank to increase foreign shareholding

Source : IBNS
Last Updated: Tue, Aug 20, 2013 17:55 hrs

Mumbai, Aug 20 (IBNS) Axis Bank, the third largest private sector bank in India, has on Monday applied to the Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit.

In its announcement made to the Stock Exchanges, the bank said: "We refer to a Press Release issued by RBI on 14th August, 2013 notifying that the foreign share holding by Global Depository Receipt (GDR)/American Depository Receipts (ADR)/Foreign Direct Investment (FDI)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO)/Foreign Institutional Investors (FIIs) in Axis Bank has crossed the overall limit of 49 per cent of its paid-up capital and that no further purchases of shares of the Bank would be allowed through stock exchanges in India on behalf of GDR/ADR/FDI/NRI/PIO/FIIs."



"The foreign shareholding in the Bank as on 30th June, 2013 was 48.96% and this includes investments through the FDI route in the form of Global Depository Receipts of 8.08% and other foreign holdings including FIIs of 40.88%," it said.

It further said: "The Bank has filed an application with Foreign Investment Promotion Board for increasing the foreign shareholding limit."

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