Axis Bank Ltd.

Axis Bank, India’s third largest private sector bank, has reportedly received approval from the Foreign Investment Promotion Board (FIPB) to raise the limit on overseas holdings in the lender to more than 49%. The Board approved increasing the foreign equity holding in the Bank to 62% from 49%, subject to the condition that the holding of foreign institutional investors does not exceed 49%. Currently, the FII holding in the bank is 40.7%, while domestic institutional investors have 8.77%.

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%.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.