The Foreign Investment Promotion Board (FIPB) will next week consider the proposals of Axis Bank, HCL Technologies, among 30 other companies, for hiking foreign shareholding limit.
India’s third largest private sector lender, Axis Bank’s foreign shareholding through FIIs, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), NRIs had breached the limit of 49% recently following which the central bank had put restrictions on trade of its shares by foreign investors.
HCL Technologies approached FIPB to get its limit of foreign shareholding increased to 49% from 30%. The meeting is likely to be held on September 19 and as many as 6 proposals are likely to come up from the pharmaceutical sector.
IDFC has Jumped 7% as RBI removes FII restrictions.
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