The proposal of Axis Bank to increase foreign investment by FIIs, NRIs, FPIs (foreign portfolio investors), ADRs ( American depositary receipts) or GDRs (global depository receipt) from 62 per cent to 74 per cent on a fully fungible basis was cleared by the Foreign Investment Promotion Board (FIPB) in its April 29 meeting.
It will now have to be cleared by the CCEA.
The FIPB also cleared three pharma FDI proposals worth Rs 60.73 crore.
Advanced Enzyme Technologies Ltd had sought approval for additional foreign investment to the tune of Rs 60 crore. The other two were of Aurobindo Pharma (Rs 0.48 crore) and Wockhardt Ltd (Rs 0.25 crore).
The FIPB, chaired by the Economic Affairs Secretary, is an inter-ministerial panel and can approve foreign investment proposals of up to Rs 5,000 crore. Beyond that, the proposal has to go to the CCEA.
However, the board has deferred eight proposals including that of DCNS which plans to set up a company in India (IndiaCo) for the purposes of manufacturing and maintenance in relation to air independent propulsion systems for submarines.
The other proposals, which were deferred include JCB International Co. Ltd, Macmillan Publishers International Ltd, UK and One97 Communications Ltd.
The Board has rejected one proposal of Rafique Dawood. The proposal was to transfer 51,570 Rain Industries Ltd shares allotted to his father, Late Siddique Dawood, in his name. Rafique Dawood is the legal heir and son of Late Siddique Dawood.
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