New Delhi, Sep 15 (PTI) Axis Bank on Wednesday said its board of directors has approved to reclassify The Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder.

The bank said it received a request from OICL dated September 7, 2021, holding a 0.16 per cent stake in the bank, to reclassify it from promoter to public shareholder.

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"...the approval of the Board be and is hereby accorded for reclassification of OICL, holding 0.16 per cent of the total issued and paid-up equity share capital of the bank, as on September 7, 2021, to the public category from the promoter category," Axis Bank said in a regulatory filing.

The private sector lender said the go-ahead by its board for the reclassification is subject to the approval of the stock exchanges and other regulatory authorities.

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Pursuant to the receipt of the approval of the stock exchanges, the bank shall effect such reclassification in the statement of its shareholding pattern in the immediate succeeding quarter, it added.

Axis Bank's shares on Wednesday closed at Rs 791.50 apiece on the BSE, down 0.38 per cent from the previous close. HRS hrs

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