Axis Bank Ltd.

In a bid to increase foreign shareholding limit, Axis Bank, the third largest private sector lender in the country, has filed an application with the Foreign Investment Promotion Board (FIPB).

Earlier on August 14, 2013, the Reserve Bank of India had issued a notice to the bank notifying that the foreign shareholding in the bank has crossed the overall limit of 49% of its paid-up capital and that no further purchases of shares of the bank would be allowed.

The foreign shareholding in the bank as on June 30, 2013 was 48.96%. This includes investments through the foreign direct investment (FDI) route in the form of Global Depository Receipts of 8.08% and other foreign holdings including foreign institutional investors (FIIs) of 40.88%.