RBI restricts FIIs from purchasing shares in Tata Chemicals
   
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RBI restricts FIIs from purchasing shares in Tata Chemicals

Last Updated: Friday, December 13, 2013, 21:01
 
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RBI restricts FIIs from purchasing shares in Tata Chemicals
Mumbai: The Reserve Bank today restricted foreign institutional investors (FIIs) from purchasing shares in Tata Chemicals as the foreign shareholding in the company has reached the trigger limit.

"...The foreign share holdings by Foreign Institutional Investors in Tata Chemicals Limited has reached the trigger limit. Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India," the RBI said in a release.

As of quarter ended September 2013, FIIs had 21.32 percent shareholding in Tata Chemicals, as per data available on the BSE.

In a separate release, the RBI allowed Magma Fincorp to raise the limit for FIIs to purchase shares in the company.

"RBI notified that Magma Fincorp Limited has passed resolutions...Agreeing 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 of the paid up capital of the company under Portfolio Investment Scheme," it said.

Also, for Finkurve Financial Services Ltd., the regulator allowed the FIIs to purchase shares in the company under PIS and convertible debentures up to 100 percent of the paid up capital.

"Non-Resident Indians(NRIs)/ Persons of Indian Origins (PIOs) through primary market and stock exchanges up to 24 percent of the paid up capital of the company (Finkurve),"it said.

FIIs, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).

Under this scheme, FIIs/NRIs can acquire shares / debentures of Indian companies through the stock exchanges in India.

FII investment can be raised up to sectoral cap/statutory ceiling, subject to the approval of the board and the general body of the company passing a special resolution to that effect.



PTI

First Published: Friday, December 13, 2013, 21:01


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