Foreign investors need prior RBI nod to buy more shares in BoB

Reserve Bank today said foreign investors would be required to obtain its prior approval to purchase further shares in Bank of Baroda (BoB), as the prescribed limit has reached trigger limit.
RBI monitors ceilings on foreign institutional investors (FII), Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) investments in Indian companies on a daily basis and to effectively monitor the limit, it has fixed cut-off points two percentage points lower than the actual ceiling.
The foreign share holding through FIIs/ Registered Foreign Portfolios Investors (RFPIs)/NRIs/PIOs in Bank of Baroda has reached the trigger limit.
"Hence, further purchases of equity shares of this bank would be allowed only after obtaining prior approval of the Reserve Bank of India," RBI said in a notification.