FIPB to see Axis Bank, HCL Tech proposals

The proposals of Axis Bank and HCL Technologies to raise foreign shareholding limit will be taken up for consideration by the Foreign Investment Promotion Board (FIPB) next week.

The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, in its September 19 meeting would also consider 30 other proposals, including six 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.