RBI allows Axis Bank to raise foreign shareholding up to 62% – Feedback

The Reserve Bank of India (RBI) has allowed Axis Bank Ltd to raise foreign shareholding up to 62%, from the earlier limit of 49%.

“Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest from the existing 49% up to 62% of the paid-up capital of Axis Bank under the portfolio investment scheme (PIS),” the RBI said in a notification. The RBI said total foreign investment from all sources in the bank shall not exceed 62% of the paid-up capital. The decision was taken after passage of resolutions at the level of the board of directors and through a special resolution by shareholders, agreeing to enhancing the limit for purchase of its shares and convertible debentures by FIIs/RFPIs.

http://www.livemint.com/Industry/fGG1SJe83cDGHxkusGjoYM/RBI-allows-Axis-Bank-to-raise-foreign-shareholding-up-to-62.html

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