MUMBAI: The Reserve Bank has allowed foreign investors to buy up to 49 percent stake in Inox Leisure LtdBSE 0.65 % under the Portfolio Investment Scheme (PIS).
Foreign institutional investors (FIIs)/registered foreign portfolios investors from default can now invest from existing 24 percent up to 49 percent of the paid-up capital of Inox LeisureBSE 0.65 % under the PIS, RBI said in a notification.
The company has passed a resolution at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
As of the quarter ended June 2016, foreign portfolio investors held 22.47 percent in the company, according to exchange data.
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.
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Source: Economic Times
