The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved increase in foreign investment in Axis Bank.
The limit is increased from 62% to 74% of the total paid up share capital of the Axis Bank on a fully fungible basis.
The foreign investment will be by way of Foreign Institutional Investors (FIIs) / Foreign Portfolio Investors (FPIs) / Non-Resident Indians (NRIs), Foreign Director Investment covering ADRs / GDRs and Indirect Foreign Investment.
With the approval, foreign direct investment to the tune of Rs 12,973.14 crore will be received in the country with an estimated creation of 6000 to 7000 jobs over the next three years, the cabinet said in the press release.
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