Axis Bank on Saturday said its board has approved a proposal to reclassify United India Insurance Company (UIICL) as a public shareholder category investor in the bank from promoter category.

UIICL, one of the promoters of Axis Bank, had requested the bank through a letter dated February 26, 2021 to reclassify the insurer to public category from promoter category, in accordance with listing regulations of Sebi, Axis Bank said in a regulatory filing.

The board's nod is subject to approval from the stock exchanges, regulatory authorities and shareholders of the bank, it said.

UIICL held 0.03 per cent of the total issued and paid-up equity share capital of Axis Bank as on February 20, 2021.

The private sector lender said it will seek approval from the shareholders through an ordinary resolution for the required reclassification.