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Business Economy


RBI allows FIIs and RFPIs to invest up to 46 percent in IDBI Bank Limited

Mumbai, Jul 16(UNI)The Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from the existing 24 per cent up to
46 per cent of the paid up capital oF IDFC Bank Limited under the Portfolio Investment Scheme (PIS).
The Reserve Bank further notified that the total foreign investment from all sources i.e. Foreign Institutional Investors (FII)/ Registered Foreign Portfolios Investors (RFPIs)/ Foreign Direct Investment (FDI)/ Non-Resident Indians (NRI)/ Persons of Indian Origin (PIO)/ American Depository Receipts (ADR)/ Global Depository
Receipts (GDR)/ in IDFC Bank Limited shall not exceed 46 per cent.
The Reserve Bank has stated that IDFC Bank Limited has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
The Reserve Bank has notified this under FEMA 1999.
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