Mumbai: The Reserve Bank on Tuesday allowed IRB Infrastructure Developers and Radico Khaitan to enhance FII investment limit under the Portfolio Investment Scheme.
"IRB Infrastructure Developers and Radico Khaitan have passed resolutions...For enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs, through primary market and stock exchanges: up to 49 percent (IRB Infrastructure Developers) and up to 30 percent (Radico Khaitan) of the paid up capital of the company under Portfolio Investment Scheme," RBI said in a notification.
Since 49 percent for IRB Infrastructure Developers and 30 percent for Radico Khaitan are intermediate ceilings fixed for the FIIs, the RBI will not be monitoring the same and it will be companies responsibility to ensure that the applicable cap is not breached, it added further.
RBI said the approval is given subject to the condition that compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on IRB Infrastructure Developers and Radico Khaitan.
First Published: Tuesday, February 05, 2013, 22:00