Foreign investors can now buy more shares in Ramkrishna Forgings and Quess Corp as boards of the companies have passed resolutions to hike such limit to 49 per cent and 74 per cent, respectively.
The RBI today notified that FII and FPI limits under PIS in Quess Corp has increased from 24 per cent to 74 per cent of its paid-up capital.
For Ramkrishna Forgings, the limit under portfolio investment scheme (PIS) for investment by FIIs and FPIs has gone up to 49 per cent, from the existing 24 per cent.
According to the RBI, both the companies have passed necessary resolutions at their board of directors level and general body to increase the foreign shareholding limit.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through PIS.
RBI monitors ceilings on FII, NRI, PIO investments in Indian companies on a daily basis. It has fixed the cut-off points two percentage points lower than the actual ceiling.
Ramkrishna Forgings closed 0.87 per cent down at Rs 550.20 and Quess Corp 0.25 per cent up at Rs 895 on the BSE today.
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