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National Insurance Co Asks Axis Bank For Reclassification As Public Shareholder

Axis Bank shares closed at Rs 736.75 apiece on BSE, down 2.24 per cent from the previous close.

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Private lender Axis Bank on Thursday said its one of the promoters, National Insurance Company Ltd (NICL), has asked it to classify the insurer as a public shareholder.

The bank on March 4, 2021, received a request letter from National Insurance Company Ltd (NICL), one of the promoters of the bank, to reclassify NICL to public category from promoter category, in accordance with listing regulations, Axis Bank said 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 said.

Before this, the United India Insurance Company Ltd (UIICL) had also asked the lender to reclassify it as the public shareholder from the promoter category.

To this, the lender last week informed about approval of the board for reclassification of UIICL, holding 0.03 per cent equity share capital of the bank, as on 20th February 2021, to public category from promoter category.

Axis Bank shares closed at Rs 736.75 apiece on BSE, down 2.24 per cent from the previous close.

(PTI)