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.

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E-mail ID will not be published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

  • Jayalalithaa’s indictment proves that powerful politicians are not above law

    A cat has nine lives, says a traditional proverb. And what about Jayalalithaa Jayaraman?

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

Arun Kumar Jain

The true value of organisational vision

Albert Camus famously wrote: ‘Life is the sum of all ...

Kuruvilla Pandikattu SJ

Is virtual empathy becoming a reality?

Are we sophisticated machines? Can artificial intelligence overtake our natural ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture