RBI allows foreign investors to increase stake in Bharat Financial
Mumbai: The Reserve Bank of India has allowed foreign investors to raise their stake in micro finance lender Bharat Financial Inclusion as the applicable limit has gone below the threshold limit.
The aggregate foreign shareholding by foreign portfolios investors (FPIs) under Portfolio Investment Scheme in Bharat Financial Inclusion Limited has gone below the prescribed threshold caution limit, Reserve Bank of India (RBI) said in a notification.
“Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect,” the RBI said. Foreign portfolio investors held 68.83% in the company as on 30 September ,2017, the BSE data showed. Promoter shareholding in the company stands at 1.65%.
FIIs, NRIs and PIOs (Persons of Indian Origins) 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 two percentage points lower than the actual ceiling. Bharat Financial Inclusion stock traded 0.20% down at Rs992.75 on BSE.