Restrictions lifted on FIIs to buy shares in Indraprastha Gas

The Reserve Bank today said it has lifted restrictions on foreign investment in Indraprastha Gas Ltd as the earlier limit has been enhanced by the company.
RBI said the company has passed necessary resolutions of its Board of Directors and General Body under Foreign Exchange Management Act (FEMA) to raise the foreign investment limit to 30 per cent, from 24 per cent earlier.
"The foreign investment limit for investment by Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) in Indraprastha Gas has increased from 24 per cent to 30 per cent of its paid-up capital," RBI said.
Owing to the increase in investment limit, it is notified that the aggregate shareholding by FIIs/FPIs in Indraprastha Gas has gone below the prescribed FIIs/FPIs investment limit for the company, it added.

"Hence, the restrictions placed on the purchase of shares of the above company by FIIs/FPIs are withdrawn with immediate effect," RBI said in a notification.
Stock of the company today closed 0.76 per cent up at Rs 1135.65 on BSE today.