Cabinet approves increase of foreign investment in M/s. Axis Bank Limited

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved increase in foreign investment from the current approved level of 62% to 74% of the total paid up share capital of the Axis Bank on a fully fungible basis. The foreign investment will be by way of Foreign Institutional Investors (FIIs) / Foreign Portfolio Investors (FPIs) / Non-Resident Indians (NRIs), Foreign Director Investment covering ADRs / GDRs and Indirect Foreign Investment.

With the approval, foreign direct investment to the tune of ₹ 12,973.14 crore will be received in the country with an estimated creation of 6000 to 7000 jobs over the next three years.