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Axis Bank shares rise nearly 3% on RBI move

The Reserve Bank of India allowed raising foreign shareholding to up to 62% in the company, from the earlier limit of 49%.

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Axis Bank shares rise 3% on RBI move
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Shares of Axis Bank rose by nearly 3% on Wednesday after the Reserve Bank allowed raising foreign shareholding to up to 62% in the company, from the earlier limit of 49%.

The stock gained 2.69% to Rs 529.50 on the BSE. On the National Stock Exchange (NSE), it went up 2.76% to Rs 529.45.

At 1347 hours the shares were trading at Rs 519, up Rs 3.40 or 0.66% on the BSE and on the National Stock Exchange (NSE), the shares were trading at Rs 519, up Rs 3.80 or 0.74%. 

"Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest from the existing 49% up to 62% of the paid-up capital of Axis Bank under the Portfolio Investment Scheme (PIS)," RBI had said in a notification on Tuesday.

It further said total foreign investment from all sources in the bank shall not exceed 62% of the paid-up capital.

The decision was taken after passage of resolutions at the level of the board of directors and through a special resolution by the shareholders, agreeing to enhance the limit for purchase of its shares and convertible debentures by FIIs/RFPIs. 

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