With over Rs 6,200 crore, Axis Bank will become a foreign-owned lender, to be governed by FDI (foreign direct investment) policy. The development follows the go-ahead to its proposed increase in foreign investment holding to 62 per cent.
Foreign Investment Promotion Board (FIPB) recently cleared the proposal and now it requires the go-ahead from the Cabinet Committee on Economic Affairs, as it envisages investment of over Rs 1,200 crore.
The lender seeks to raise foreign investment holding from the existing 49 per cent to 62 per cent.
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