RBI allows FIIs to buy further shares in South Indian Bank

Tags: News
The Reserve Bank of India (RBI) has allowed foreign investors to buy further shares in South Indian Bank as the holding by FIIs has gone below the limit.

"...The aggregate share holding by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) under the Portfolio Investment Scheme (PIS) in The South Indian Bank Limited have gone below the prescribed threshold caution limit," RBI said in a notification.

Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, he said.

Further, RBI said all the approvals received against the said scrip are duly cancelled.

"Equity shares of The South Indian Bank Limited can now be purchased through primary market and stock exchanges," RBI added.

FIIs, held 41.69 per cent shares in South Indian Bank as of quarter ended March 31, 2014.

Shares of the bank today closed at Rs 24.60 apiece on the BSE, up 1.44 per cent from the previous close.

FIIs, NRIs and PIOs are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).

RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.

For effective monitoring of foreign investment ceiling limits, the RBI has fixed cut-off points that are two percentage points lower than the actual ceilings.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture