Friday 27 December 2013

Axis Bank gains on receiving approval from CCEA to increase foreign investment limit

Axis Bank is currently trading at Rs. 1309.00, up by 10.80 points or 0.83% from its previous closing of Rs. 1298.20 on the BSE.

The scrip opened at Rs. 1311.30 and has touched a high and low of Rs. 1311.30 and Rs. 1303.95 respectively. So far 8,749 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1549.00 on 20-May-2013 and a 52 week low of Rs. 764.00 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs. 1318.45 and Rs. 1278.25 respectively. The current market cap of the company is Rs. 61,603.00 crore.

The promoters holding in the company stood at 33.94% while Institutions and Non-Institutions held 48.26% and 13.25% respectively.

Axis Bank, India’s third largest private sector bank, has received approval Cabinet Committee on Economic Affairs (CCEA) to increase foreign investment in the bank from 49% to 62%. This approval is subject to the aggregate foreign institutional investors holding not exceeding 49% of the paid up equity share capital of the bank. This approval would result in foreign investment of Rs.7,250 crore (approximately) in the country.

Axis Bank is the third-largest private sector bank in India. As on June 30, 2013, it had a network of 2021 branches including extension counters and 11,488 automated teller machines (ATMs) across the country. 

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