The Reserve Bank of India on Wednesday allowed Foreign Institutional Investors (FIIs) to buy upto 40 per cent stake in The Byke Hospitality from existing 24 per cent.
"The foreign investment limit for investment by Foreign Institutional Investors (FIIs) in The Byke Hospitality Limited has increased from 24 per cent to 40 per cent of its paid up capital," said RBI in a notification.
The Byke Hospitality Limited has passed necessary resolutions of its Board of Directors and General Body as required under the FEMA 1999 and the regulations framed thereunder.
Further, owing to the above increase in the above investment limit, it is notified that the aggregate shareholding by FIIs in The Byke Hospitality Limited has gone below the prescribed FIIs investment limit for the company.
Hence, the restrictions placed on the purchase of shares of the above company by FIIs are withdrawn with immediate effect, it added.