Foreign investors can buy more shares of Carborundum Universal

Reserve Bank today allowed foreign investors to buy more equity in Carborundum Universal as their shareholding had slipped below the prescribed limit.
The aggregate share holdings in Carborundum Universal Ltd by Foreign Institutional Investors/Registered Foreign Portfolios Investors have gone below the prescribed threshold caution limit stipulated under the extant FDI policy, RBI said.
"Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect", RBI said in a release.
Equity shares of Carborundum Universal can now be purchased through primary market and stock exchanges, it added.
As per data available on BSE, the promoter group held 43.84 per cent in the company and the public shareholding stood at 56.16 per cent, as of December 2015.

Part of the Murugappa Group, Carborundum Universal is into manufacturing, supplying and exporting of abrasives, super abrasives, industrial ceramics, super refractories and electrominerals. It also offers material handling equipment.
Shares of the company closed 0.11 per cent down at Rs 219.55 on BSE.