State run United India Insurance Company has been reclassified as a public shareholder of Axis Bank from its earlier position as a promoter shareholder.
This follows a request from the insurer, Axis Bank said in a regulatory filing on Saturday.
“This is to inform you that the Bank has received today, a request letter dated February 26, 2021 from United India Insurance Company Limited (UIICL), one of the promoters of the bank, to reclassify UIICL to “Public” category from “Promoter” category, in accordance with Regulation 31A of the Listing Regulations,” the lender said.
The bank’s board in its meeting on Saturday has approved the request.
As on December 31, 2020, United India Insurance Company held 0.03 per cent stake in Axis Bank
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.