RBI lifts restrictions on trading of Shriram City Union Finance's shares

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RBI lifts restrictions on trading of shares of Shriram City
The Reserve Bank of India (RBI) has lifted the restrictions placed on the purchase of shares of Shriram City Union Finance Ltd with immediate effect.

The move came after RBI advised the company that foreign share holding by FIIs in this company have gone below the revised threshold limit stipulated under the extant FDI Policy and consequently, the NBFC passed a resolution to enhance the FIIs' stake up to 74 per cent.

RBI notified that "M/s Shriram City Union Finance Ltd. has passed resolutions at the board of directors' level and a special resolution by the shareholders agreeing, to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) through primary market and stock exchanges up to 74 per cent of its paid up capital, under the Portfolio Investment Scheme (PIS)."

"Hence, the restrictions placed on the purchase of shares of this company have been withdrawn with immediate effect," said RBI.

Read more about: shriram city union finance
Story first published: Friday, July 19, 2013, 9:22 [IST]
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