The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh gave the green signal to the proposal.
“The Cabinet Committee on Economic Affairs has approved the proposal of Axis Bank Limited for increase in foreign investment from 49 percent to 62 percent subject to the aggregate foreign institutional investors holding not exceeding 49 percent of the paid up equity share capital of the bank,” an official release after the cabinet meeting here said.
“The approval would result in foreign investment of Rs.7,250 crore (approximately) in the country,” it said.
Photos: Shah Rukh Khan, Deepika Padukone, Alia Bhatt at an awards show
Photos: Big B, Iulia Vantur at Himesh Reshammiya's album launch
Photos: Aamir Khan with 'Dangal' actresses at fashion show
Spotted: Twinkle Khanna, Shriya Saran at an event in Mumbai
Andrew Flintoff's birthday: 10 players who entered different sports