Axis Bank files application with FIPB to increase FDI limit

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Axis Bank files application with FIPB to increase FDI limit
Private sector lender Axis Bank on Tuesday said the bank has filed an application with Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit.

The lender has taken this step after Reserve Bank said that the overall Foreign Institutional Investors (FIIs) limit in 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 June 30, 2013 was 48.96 per cent and this includes investments through the FDI route in the form of Global Depository Receipts of 8.08 per cent and other foreign holdings including FIIs of 40.88 per cent.

Dion Global Solutions Ltd.

Read more about: axis bank, rbi, fiis, fipb
Story first published: Tuesday, August 20, 2013, 12:31 [IST]
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