Axis Bank’s board has approved a proposal to reclassify United India Insurance Company (UIICL) as a public shareholder category investor in the bank from promoter category. UIICL, one of the promoters of Axis Bank, had requested the bank through a letter dated February 26, 2021 to reclassify the insurer to public category from promoter category, in accordance with listing regulations of Sebi.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
