Private sector Axis Bank on Saturday said three promoters United India Insurance Company, National Insurance Company and New India Assurance Company will be reclassified as public category shareholders post requisite regulatory approvals.
The bank has identified the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, New India Assurance Company, National Insurance Company, United India Insurance Company, and Oriental Insurance Co Ltd as the promoters, Axis Bank said in a regulatory filing.
Three promoter entities United India Insurance, National Insurance and New India Assurance have made a request to reclassify them to "public" category from "promoter" category, in terms of Sebi regulations, said the lender.
The board at its meetings held this year on February 27, March 26, and April 28 has considered and approved the said requests, subject to the approval of the stock exchanges, statutory/regulatory authorities and the shareholders of the bank, it said.
"The reclassification will be effective post receipt of the aforesaid approvals," Axis Bank said.
The three entities held 0.03 per cent, 0.02 per cent and 0.69 per cent stake, respectively in Axis Bank as on March 31, 2021.