RBI cuts limit on FIIs stake in IDFC

FIIs can now purchase up to 52.25% of the paid up capital of IDFC Limited

The Reserve Bank of India (RBI) said on Wednesday that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 52.25% of the paid up capital of  IDFC Limited under the Portfolio Investment Scheme (PIS) compared with 52.50% earlier.

The company has passed resolutions at the board of director's level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by FIIs. RBI said that IDFC will remain included in the ban list for FIIs.