Axis Bank: Oriental to turn public

Axis Bank board of directors has approved to reclassify Oriental Insurance Company Ltd from promoter category to public category shareholder. The bank said it received a request from OICL , holding a 0.16 per cent stake in the bank, to reclassify it from promoter to public shareholder. 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. Axis Bank's shares on Wednesday closed at ₹791.50 apiece on the BSE, down 0.38 per cent from the previous close.