Public sector insurer The New India Assurance Co Ltd (NIACL) has been reclassified as a 'public shareholder' of Axis Bank from being a 'promoter' earlier, the private sector lender said on Wednesday.
Last week, the country's third-largest private sector lender had received a request from NIACL to reclassify it to public category from promoter category investor.
In a regulatory filing, Axis Bank said a letter was placed for the consideration of the board at its meeting held on April 28, 2021. "The board at the meeting has considered and approved the said request received from NIACL to reclassify it to public category from promoter category," .
The nod for the reclassification is subject to approval of the stock exchanges, statutory/regulatory authorities and shareholders of the bank.
NIACL held 0.67 per cent of the total issued and paid-up equity share capital of the bank as on April 22, 2021, said the lender.
Shares of Axis Bank on Wednesday closed 1.22 per cent up at Rs 707.85 apiece on the BSE.