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Tuesday, August 27, 2013

Federal Bank seeks FIPB nod to raise shareholding limit

After Axis Bank, Kerala-based old private lender Federal Bank has approached the Foreign Investment Promotion Board (FIPB) to increase its foreign shareholding limit to 65 per cent.

The bank had crossed its limit of 49 per cent foreign shareholding and received a notice from the Reserve Bank of India.

“This is with reference to the press release issued by RBI on August 20, 2013 notifying that the foreign shareholding through FII/ NRI/ PIO/ FDI/ ADR/ GDRs in Federal Bank has crossed the overall limit of 49 per cent of its paid-up capital and that no further purchase of shares of the bank would be allowed in the bank on behalf of FII/ NRI/ PIOs,” Federal Bank said in a statement.

Axis Bank had last week filed an application with the FIPB to increase its limit to 62 per cent after the RBI issued a similar notice to the bank earlier this month.

Source: thehindubusinessline


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