The Cabinet Committee on Economic Affairs has approved the proposal of M/s. 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.

The approval would result in foreign investment of Rs.7,250 crore (approximately) in the country.

Foreign investment cap increase permitted, subject to preserving the aggregate FII holding limit and related conditions. Approval was granted for an increase in the permissible foreign investment ceiling from 49 percent to 62 percent, subject to the constraint that aggregate foreign institutional investor holding shall not exceed 49 percent of the bank's paid-up equity capital.