The Reserve Bank today allowed foreign investors to buy up to 49 per cent stake in SITI Cable Network.
Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of SITI Cable Network Limited under the Portfolio Investment Scheme (PIS), RBI said in a statement.
The company has passed resolutions at its Board of Directors level and a special resolution through shareholders, agreeing to raising the limit for the purchase of its equity shares by FIIs/RFPIs, it added.
As of the September quarter, FIIs held 13.88 per cent in the company, according to BSE data.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through PIS.
RBI monitors the ceiling on FII/NRI/PIO investment in Indian companies on a daily basis.
The stock of SITI Cable closed at Rs 36.80 on BSE today, up 0.25 per cent from its previous close.
