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FII buying in V-Mart Retail crosses limit; no further purchase

Foreign shareholding in the company has crossed the overall limit of 24% of its paid-up capital

Press Trust of India  |  Mumbai 

Foreign investors would not be able to purchase further shares in home grown fashion store V-Mart Retail, as the foreign shareholding in the company has crossed the permitted limit.

The Reserve Bank today said foreign shareholding in the company through Foreign Institutional Investors (FIIs) has crossed the overall limit of 24% of its paid-up capital.

"Therefore, no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of Foreign Institutional Investors," RBI said in a notification.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital in India through Portfolio Investment Scheme (PIS).

The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.

To effectively monitor the limit, RBI has fixed cut-off points two percentage points lower than the actual ceiling.

As per the data available on BSE, FIIs shareholding in V-Mart Retail stood at 15.13% as of quarter ended December 31, 2013.

Shares of the company today closed at Rs 264.15 apiece on the BSE, down 2.46% from previous close.

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First Published: Tue, February 25 2014. 19:28 IST