RBI allows J Kumar Infra to raise FII limit to 40%

RBI allows J Kumar Infra to raise FII limit to 40%

02/08/2016 11:15

The Reserve Bank has allowed foreign investors to invest up to 40 per cent in J Kumar Infraprojects under portfolio investment scheme (PIS).

“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest, from existing 24 per cent, up to 40 per cent of the paid-up capital of J Kumar Infraprojects Ltd under the Portfolio Investment Scheme (PIS),” RBI said in a release.

The company has passed resolutions at its board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs, RBI added.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.

The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points that are two percentage points lower than the actual ceiling.

Meanwhile, shares of the company were trading at Rs 218.10 apiece, up 1.96 per cent from the previous close at 11:19 hours on BSE.

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