RBI hikes foreign investment limit in GTPL Hathway, CCL Products
Mumbai: The Reserve Bank of India (RBI) has allowed foreign investors to raise their stakes in cable TV distribution company GTPL Hathway Ltd and instant coffee manufacturer CCL Products (India) Ltd to up to 49% and 40%, respectively.
Foreign institutional investors (FIIs)/Foreign portfolios investors (FPIs) investment limit under portfolio investment scheme in GTPL Hathway has increased from 24% to 49% of its paid up capital, RBI said. Besides, RBI said foreign investment limit for investment by FIIs/FPIs in CCL Products has increased from 24% to 40%.
CCL Products has passed resolutions to hike such limit and the aggregate shareholding by foreign investors has gone below the prescribed limit, it said. “Hence, the restrictions placed on the purchase of shares of the company (CCL Products) by FIIs/FPIs...are withdrawn with immediate effect,” RBI said.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through PIS. RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. It has fixed the cut-off points that are two percentage points lower than the actual ceiling.
Shares of GTPL Hathway closed 4.16% up at Rs134 and CCL Products rose by 6.32% to Rs302.65 on BSE on Friday.