IIFL Holdings dips 3%

IIFL Holdings dips 3%

13/06/2016 11:48

Shares of IIFL Holdings fell 3 per cent on the Bombay Stock Exchange (BSE) after Reserve Bank of India has asked foreign investors to bring down their stake in IIFL Holdings to 80 per cent from 100 per cent at present.

“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from the existing 100 per cent up to 80 per cent of the paid up capital of M/s IIFL Holdings Limited (Formerly India Infoline Limited) under the Portfolio Investment Scheme (PIS)”, RBI said.

RBI said the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares by FIIs/RFPIs.

Reacting to the news, shares of the company declined as much as 3.29 per cent in intra-day trade to Rs 222 a piece on Bombay Stock Exchange.

In a similar fashion, shares of the company fell 3.02 per cent to Rs 221.65 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 26,302.12, down 333.63 points, or 1.25 per cent, at 11:48 hours.

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