Fgn investors need RBI nod to buy more shares in ING Bank

Reserve Bank today said foreign investors would be required to obtain its prior approval for buying further shares in ING Vysya Bank, as foreign shareholding in the bank has reached the trigger limit.
RBI monitors ceilings on foreign institutional investors (FII), Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) investments in Indian companies on a daily basis and to effectively monitor the limit, it has fixed cut-off points two percentage points lower than the actual ceiling.
The foreign shareholding through FIIs/Foreign Portfolios Investors (FPIs)/NRIs/PIOs/ADR/GDRs in ING Vysya Bank has reached the trigger limit.
"Hence, further purchases of equity shares of this bank would be allowed only after obtaining prior approval of the Reserve Bank of India," the central bank said in a statement.