RBI approved IDFC’s resolution to decrease foreign investment limit to 52.50% from 54%, the maximum allowed for FIIs
The Reserve Bank of India (RBI) approved a special resolution passed by shareholders of IDFC Ltd, to reduce investment limit to 52.5% from 54% for foreign institutional investors (FIIs). Since this is the maximum allowed by RBI, FII cannot purchase further shares of IDFC.
As on 31st December 2013, FII shareholding in IDFC was 52.31% which now crossed overall limit of 52.50% of its paid-up capital.
IDFC board of directors and shareholders has passed special resolution agreeing for decreasing the limit from 54% to 52.50% for the purchase of its equity shares and convertible debentures by FIIs.
IDFC closed Monday marginally down at Rs94.15 on the BSE, while the 30-share benchmark Sensex ended the day marginally up at 20,811.
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