Axis Bank Today declared that promoters United India Insurance Company, National Insurance Company and New India Assurance Company will be reclassified as public category shareholders post requisite regulatory approvals. The three entities held 0.03 per cent, 0.02 per cent and 0.69 per cent stake, respectively in Axis Bank as on March 31, 2021. Axis Bank also clarified that the reclassification will be effective post receipt of the aforesaid approvals. .
The bank has identified the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, New India Assurance Company, National Insurance Company, United India Insurance Company, and Oriental Insurance Co Ltd as the promoters, Axis Bank said in a regulatory filing.