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Foreign holding in Axis Bank to go up to 62 percent

The government Thursday approved a proposal to increase foreign holding in Axis Bank to 62 percent from the current 49 percent, which may result in overseas fund inflow of nearly Rs.7,250 crore into the country.

The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh gave the green signal to the proposal.

“The Cabinet Committee on Economic Affairs has approved the proposal of Axis Bank Limited for increase in foreign investment from 49 percent to 62 percent subject to the aggregate foreign institutional investors holding not exceeding 49 percent of the paid up equity share capital of the bank,â€Â an official release after the cabinet meeting here said.

“The approval would result in foreign investment of Rs.7,250 crore (approximately) in the country,â€Â it said.