MUMBAI: Reserve Bank has allowed foreign investors to hike their stake in Hindustan Petroleum Corp to up to 40 percent under portfolio investment scheme (PIS).
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) from default can now invest from existing 24 percent up to 40 percent of the paid-up capital of Hindustan Petroleum Corporation LtdBSE 4.27 % (HPCL) under PIS,” an RBI notification said today.
A special resolution was passed by company shareholders to enhance the limit for purchase of equity shares by FIIs/RFPIs, RBI said.
FIIs, NRIs, and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.
