The Cabinet Committee on Economic Affairs has approved Axis Bank's proposal to raise foreign shareholding limit to 74 percent from the current 62 percent. The proposal could lead to foreign investment of around Rs 13,000 crore, according to the Press Trust of India.
This is the second time Axis Bank's foreign shareholding limit has been hiked this year. On 31 May, the Reserve Bank of India allowed foreigninstitutional investors to invest up to 62 percent of Axis Bank's paid up capital, from 49 percent earlier.
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