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