Private sector lender Axis Bank on Saturday said its board has approved a proposal to reclassify United India Insurance Company Ltd (UIICL) as a public shareholder category investor in the bank from promoter category. The proposal is subject to approval from the stock exchanges, statutory/regulatory authorities and the shareholders of the bank.


"The bank has received today i.e. 27th February 2021, a request letter dated 26th February 2021 from United India Insurance Company Limited (UIICL), one of the Promoters of the Bank, to reclassify UIICL to 'Public' category from 'Promoter' category, in accordance with Regulation 31A of the Listing Regulations," Axis Bank said in a regulatory filing.

UIICL, one of the promoters of Axis Bank, had requested the bank through a letter dated February 26, 2021 to reclassify the insurer to public category from promoter category.

UIICL held 0.03 per cent of the total issued and paid-up equity share capital of Axis Bank as on February 20, 2021.

 "Amitabh Chaudhry, Managing Director & CEO or Rajesh Dahiya, Executive Director (Corporate Centre) or Rudrapriyo Ray, Chief Compliance Officer or Girish V. Koliyote, Company Secretary of the Bank be and are hereby severally authorised to do all such acts, deeds, matters and things as they may, in their absolute discretion, deem necessary, proper or desirable to give effect to this resolution," the lender said.

Axis Bank said it will seek approval from the shareholders through an ordinary resolution for the required reclassification.