NICL asks Axis Bank to reclassify as public shareholder

Axis Bank has recently said that one of its promoters, National Insurance Company Ltd (NICL), has asked it to classify the insurer as a public shareholder. The bank, in this regard, received a request letter from NICL to reclassify NICL to public category from promoter category, in accordance with listing regulations, Axis Bank stated in a regulatory filing.

“The aforesaid request for re-classification will be tabled at the ensuing meeting of the Board of Directors of the Bank and all necessary steps will be undertaken in accordance with Regulation 31A of the Listing Regulations,” the bank added.