New Delhi: On Monday the shares of Axis Bank increase by 1.76 per cent to Rs 574.70 on the BSE. Shares of Axis Bank increased nearly 2 per cent to hit its 11-month high subsequent to the Reserve Bank of India (RBI) allowed foreign investors to up their stakes in Axis Bank up to 74 per cent. RBI conveyed in a statement that, Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can at present invest from existing 62 per cent up to 74 per cent of the paid-up capital of Axis Bank beneath the Portfolio Investment Scheme (PIS).
The climb in foreign investment limit in Axis Bank follows authorization granted by the administration to raise foreign shareholding ceiling to 74 per cent. The increase in foreign shareholding in the private lender is expected to fetch around Rs 13,000 crore. Shares of Axis Bank were trading 1.52 per cent up at Rs 573.35. The scrip commenced at Rs 571.80 and has stroke an elevated and near to the ground of Rs 574.70 and Rs 569, correspondingly, in early buy and sell. For the quarter ended March 31, 2016, Axis Bank reported net profit of Rs 2154.28 crore, down 1.21 per cent, against Rs 2180.59 crore in the equivalent quarter a year before.