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FIPB to consider Axis Bank, HCL Tech proposals on foreign shareholding

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The Foreign Investment Promotion Board (FIPB) will consider Axis Bank and HCL Technologies' proposals to raise foreign shareholding next week. Arvind Mayaram, secretary of the department of economic affairs, and head of the FIPB, will also consider 30 other proposals on September 19.

Six of these, including Shantha Biotechnics, Acebright (India) Pharma, SD Bio Standard Dignostics and Hyderabad-based Laurus Labs, are from the pharmaceutical sector.

Axis Bank had approached the FIPB last month soon after the RBI said the limit of investments through Global Depository Receipts (GDRs), American Depository Receipts (ADRs), FDI, NRI, FIIs in the bank had breached the overall limit of 49 per cent of its paid-up capital. HCL Technologies has also approached the FIPB to seek nod for induction of foreign funds.

The country's fourth largest software services exporter had in July said it will raise investment limit for foreign institutional investors (FIIs) in the firm to 49 per cent from 30 per cent, subject to government approval.

The other applications which are before the FIPB for consideration are that of manufacturer of military and civil helicopters Indian Rotocraft, Octania Aerostructure Group and Jubilant Aeronatics, among others.



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