Reserve Bank will monitor foreign shareholding in Sintex Plastics Technology so that it does not cross the upper limit of 74 per cent.
"Foreign investment limit for investment by Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) in M/s Sintex Plastics Technology Limited has increased from 24 per cent to 74 per cent of its paid up capital," RBI said in a notification.
"The increase is subject to regulation 5(2) and 5 (2A) of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000...as amended from time to time, and the onus of compliance with the limits prescribed for the company is on the company," RBI said.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.