FIIs need RBI nod to buy further shares in Bank of Baroda

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Foreign investors would now have to get prior permission from the Reserve Bank for buying shares in Bank of Baroda as such investment in the lender has reached the trigger level.

"The...Foreign share holding through Foreign Institutional Investors (FIIs)/ Non Resident Indian (NRI)/ Persons of Indian Origin (PIO) in Bank of Baroda has reached the trigger limit.

"Hence, further purchases of equity shares of this bank would be allowed only after obtaining prior approval of the Reserve Bank of India," RBI said in a release.

RBI tracks ceilings on investments by FIIs, non-resident Indians and persons of Indian origin on a daily basis.

The cut-off limit has been set at two percentage points lower than the actual ceiling. As the net equity investment in a company reaches cut-off level, additional buying of shares require RBI's approval.

As per data available on BSE, FIIs held 15.62 per cent shares in Bank of Baroda as of quarter ended March, 2014.

Shares of the bank rose 1.43 per cent to Rs 934.55 at the close on the BSE today.

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