RBI lowers FIIs investment cap in IDFC

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RBI lowers FIIs investment cap in IDFC
The Reserve Bank of India on Wednesday announced it has decrease foreign investment limit in IDFC, a leading financial company, to 52.25 per cent from 52.50 per cent earlier.

"Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 52.25 per cent of the paid up capital of IDFC Limited under the Portfolio Investment Scheme (PIS)," RBI said in a press release.

IDFC Limited has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).

Further the Reserve Bank notified that IDFC Limited will remain included in the ban list for FIIs.

Following the development, shares of company was trading at Rs 109.05 apiece, up 0.18 per cent at 10:45 hours.

Read more about: idfc, rbi
Story first published: Thursday, May 8, 2014, 12:41 [IST]
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