RBI bars foreign investors from buying more Pantaloon shares

The move came after the company breached the overall limit of 24% of its paid-up capital
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First Published: Wed, Jan 23 2013. 10 17 PM IST
A file photo of Pantaloons at Select Citywalk, Saket, New Delhi. Photo: Pradeep Gaur/Mint
A file photo of Pantaloons at Select Citywalk, Saket, New Delhi. Photo: Pradeep Gaur/Mint
Mumbai: India’s central bank has barred foreign institutional investors (FIIs) from buying shares in Pantaloon Retail Ltd, after the company breached the overall limit of 24% of its paid-up capital.
“No further purchases of shares of this company would be allowed through stock exchanges in India on behalf of foreign institutional investors,” the RBI said in a notification on Wednesday.
On Tuesday, shares of Pantaloon, India’s biggest retail group, rose as much as 10.6% after the central bank eased restrictions on its share purchases by foreign institutional investors, non-resident Indians as well as investors of Indian origin.
The central bank removed the restrictions after the aggregate shareholding held by these categories of investors fell below the threshold limit under the Foreign Direct Investment Scheme, the Reserve Bank of India said.
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First Published: Wed, Jan 23 2013. 10 17 PM IST
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