MUMBAI: Foreign investors have been allowed to raise their stake in Aditya Birla Nuvo to up to 30 percent.
“Foreign Institutional Investors/Registered Foreign Portfolios Investors can under the portfolio investment scheme (PIS) now invest up to 30 percent of the paid-up capital of Aditya Birla Nuvo Ltd,” RBI said in a notification.
The earlier limit was up to 24 percent.
The raise in foreign investment limit follows company’s passage of a resolution by theBoard of Directors and its shareholders’ a special resolution agreeing for enhancing the limit for the purchase of its equity shares by the foreign investors.
FIIs, NRIs, and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
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.
Source: Economic Times
Aditya Birla Nuvo shares closed at Rs 1,383 per share on the BSE today, down 0.45 percent from the previous close.