The Foreign Investment Promotion Board (FIPB) on Thursday cleared a host of proposals, including raising of foreign holding in Axis Bank to 62 per cent.
The other proposals which have been approved by the Board include those of HCl Technologies, Shantha Biotech, Indian Rotocraft. “The FIPB approved Axis Bank’s proposal to allow foreign investment in the bank to 62 per cent, subject to FII holding not exceeding 49 per cent,” sources said. At present foreign investors hold 49 per cent in Axis Bank, with FII stake at 40.7 per cent.