The Foreign Investment Promotion Board (FIPB) has given a green signal to a group of suggestions, incorporating bringing of remote holding up in Axis Bank to 62 for every penny. The different suggestions the Board affirmed by the Board included Indian Rotocraft, Shantha Biotech, HCL Technologies.
At present international investors of Axis bank hold 49 per cent, Gdrs/adrs at 8.08 per cent and FII stake at 40.7 per cent/ On the Bombay Stock Exchange, Axis Bank ended the day at Rs 1,140.25, up 5.56 percent on Thursday.
The Board consumed the same amount as 32 suggestions, incorporating six in the pharma area, to hike the overseas investment limit. Shantha Biotechnics proposal has been cleared, this would require an overseas investment of atleast Rs. 755 crore.
Proposals by Laurus Labs and Kinedex Healthcare were deferred. Sources also stated that Korea's SD Bio Standard Dignostic's application to infuse a sum of $ 5 million in a domestic compnay has also been given a green signal.