MUMBAI: The Reserve Bank has allowed foreign investors to invest up to 30 per cent in Birla group Ultra Tech Cement.

“Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30 per cent of the paid-up capital of Ultra Tech Cement under the portfolio investment scheme (PIS),” RBI said in a release.

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

As per information available on BSE, foreign portfolio investors held 19.64 per cent in the company as on June 2016.

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

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.

Ultra Tech Cement share closed 2.67 per cent higher at Rs 3,888.65 on BSE.