Axis Bank files application with the FIPB - increase foreign shareholding

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Kothari

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Aug 20, 2013, 4:52:40 AM8/20/13

This will lead to MSCI rethink deletion of Axis Bank from EM Index

Good afternoon,

Axis Bank has on August 19, 2013 applied to the Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit.

Enclosed is the press release.

Axis Bank files application with the FIPB to increase foreign shareholding

Release

Mumbai, August 20, 2013: Axis Bank has on August 19, 2013 applied to the Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit. A copy of the announcement made by the bank to the Stock Exchanges in this regard is appended below.

“We refer to a Press Release issued by RBI on 14th August, 2013 notifying that the foreign share holding by Global Depository Receipt (GDR)/American Depository Receipts (ADR)/Foreign Direct Investment (FDI)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO)/Foreign Institutional Investors (FIIs) in Axis Bank has crossed the overall limit of 49 per cent of its paid-up capital and that no further purchases of shares of the Bank would be allowed through stock exchanges in India on behalf of GDR/ADR/FDI/NRI/PIO/FIIs. The foreign shareholding in the Bank as on 30th

June, 2013 was 48.96% and this includes investments through the FDI route in the form of Global

Depository Receipts of 8.08% and other foreign holdings including FIIs of 40.88%. The Bank has filed an application with Foreign Investment Promotion Board for increasing the foreign shareholding limit.”

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Thanks & Regards,
Abhishek Kothari
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