Axis Bank on Tuesday said that Oriental Insurance Company Ltd (Oriental Insurance) has been re-classified as a public shareholder from its earlier tag of a promoter category.
In September this year, the private sector lender had received a request from Oriental Insurance, which holds 0.16 per cent stake, to re-classify it from promoter to public shareholder. The board of Axis Bank subsequently approved the proposal and applications were made to both BSE and NSE for re-classification of the insurer.
“In this regard...BSE and NSE vide their respective letters dated December 20, 2021, have granted their approval for the reclassification of the aforementioned promoter to public category from promoter category,” Axis Bank said in a regulatory filing.
Shares of Axis Bank on Tuesday ended lower by 1.31 per cent at Rs 665.95 on the BSE.
Earlier, the bank had received similar requests from United India Insurance, National Insurance Company Ltd, The New India Assurance Company Ltd and General Insurance Corporation of India. Data available with the stock exchanges show that for the quarter ended September 30, they held 1.71 per cent in the private sector bank.
The general insurance companies together hold 1.9 per cent stake in the bank. LIC with 8.19 per cent is the largest promoter shareholder. Among its promoter category, SUUTI has a stake of 1.56 per cent.
