Axis Bank Awaits Nod To Reclassify 3 Promoters As Public Shareholders

Private sector on Saturday said three promoters Company, National Insurance Company and will be reclassified as public category shareholders post requisite regulatory approvals.

The bank has identified the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, New India Assurance Company, National Insurance Company, Company, and Oriental Insurance Co Ltd as the promoters, said in a regulatory filing.

Three promoter entities United India Insurance, National Insurance and New India Assurance have made a request to reclassify them to "public" category from "promoter" category, in terms of Sebi regulations, said the lender.

The board at its meetings held this year on February 27, March 26, and April 28 has considered and approved the said requests, subject to the approval of the stock exchanges, statutory/regulatory authorities and the shareholders of the bank, it said.

"The reclassification will be effective post receipt of the aforesaid approvals," said.

The three entities held 0.03 per cent, 0.02 per cent and 0.69 per cent stake, respectively in Axis Bank as on March 31, 2021.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

RECENT NEWS

The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty

In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more

Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction

In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more

Central Banks And The Economic Horizon: Steering Through Uncertaintie

In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more

Transforming Financial Operations With Robotic Process Automation

Author: Ricardo Goulart                           ... Read more

The Role Of Machine Learning In Fraud Detection

        Author: Gerardine Lucero                  &nbsp... Read more

Principles Of Islamic Banking And Finance

When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more