RBI raises FII purchase limit in Manappuram Finance to 49 pc

Tags: News
The Reserve Bank today increased the foreign investment limit in Manappuram Finance Ltd and said such investors can now buy up to 49 per cent stake in the company.

"The RBI...Notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 49 per cent of the paid up capital of Manappuram Finance Limited under the Portfolio Investment Scheme (PIS)," RBI said in a notification.

The RBI decision comes after Manappuram Board passed a resolution to enhance the limit for purchase of its equity shares and convertible debentures by FIIs.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (PIS).

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

To effectively monitor the limit, RBI has fixed cut-off points two percentage points lower than the actual ceiling.

As per the data available on BSE, FIIs held 41.86 per cent shares in Manappuram at the end of quarter ended December.

Shares of the company today closed 1.33 per cent lower at Rs 22.25 apiece on the BSE.

EDITORIAL OF THE DAY

  • Government must consider Sitharaman’s move to revisit Apple’s application for retail

    Commerce and industry minister Nirmala Sitharaman’s decision to revisit the Apple application for waiver of mandatory local sourcing, if taken serio

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Can Hefa actually become a reality?

The ministry of human resource development (MHRD) is actively wo­rking ...

Zehra Naqvi

Man proved to be a tyrant and a fool

Reading the history of different species is, perhaps, the most ...

Dharmendra Khandal

No one's getting rich overnight by poaching

We often read in newspapers that tiger skin worth Rs ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture