RBI allows Hinduja Foundries to raise FII limit to 60%

The Reserve Bank has allowed Hinduja Foundries to raise its foreign investment limit up to 60 per cent of paid-up capital.
"Hinduja Foundries Limited has passed resolutions ... agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges up to 60 per cent of the paid up capital," RBI said in a release.
The enhancement in FII investment limit is under the Portfolio Investment Scheme (PIS).
RBI monitors the ceilings on investments by FIIs, non-resident Indians and persons of Indian origin on a daily basis.

The central bank has set a cut-off level that is 2 percentage points lower than the actual ceiling. After the net equity investment in a company reaches the cut-off level, additional share purchases require the RBI's approval.
Hinduja Foundries is a group company of London head-quartered multi-billion dollar Hinduja Group.
As per the BSE data, FIIs held 6.34 per cent stake as of December 31, 2013, in the company.