RBI restricts further FII purchase of Prestige Estate stake

Mumbai: The Reserve Bank has put a restriction on further buys in Prestige Estate Projects' shareholding by foreign buyers as the prescribed limit of 24 percent has been crossed.

Foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in Prestige Estate Projects Ltd has crossed the limit of 24 percent of its paid up capital, RBI said in a notification.

"Therefore, no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPIs," it said.

As per data available on BSE, FIIs held 22.16 percent stake in the company as of quarter ended June 2015.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (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 two percentage points lower than the actual ceiling.