Share prices of Axis Bank gained 2.7 percent intraday Wednesday on approval from Reserve Bank of India (RBI) to increase in investment limit by foreign investors.
"The RBI has notified that foreign institutional investors (FIIs)/ registered foreign portfolios investors (REPIs) can invest from existing 49 percent up to 62 percent of the paid up capital of the company under the portfolio investment scheme," as per company release.
The company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by the FIIs/REPIs.
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