“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.
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.
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