Axis Bank on Wednesday said its board of directors had approved the reorganization of The Oriental Insurance Company Ltd (OICL) from the promoters’ category to shareholders in the public sector.
The bank said it received a request from the OICL dated 7 September 2021, with a 0.16% stake in the bank, to redistribute it as a promoter into a public shareholder.
“… Board approval will be granted and renewed to the promoters’ category,” Axis Bank said in a formal file.
Private sector financiers said the progress of its re-appointment board depended on the approval of shares and other regulatory authorities.
Following the approval of the stock exchange approval, the bank will make such a redistribution in the statement of its ownership pattern in the next quarter, in addition.
Shares of Axis Bank on Wednesday closed at Rs 791.50 each on the BSE, down 0.38% from the previous close.
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