IDFC brings down foreign investment limit to 48 pc

Infrastructure financing company IDFC Ltd has further pared its foreign investment limit to 48 per cent to meet requirements for the banking operations after having granted a licence by RBI earlier this year.
IDFC has agreed to decrease the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), to 48 per cent of the paid up capital, RBI said in a notification.
Earlier limit for such investments in IDFC was 50 per cent.
"Further, the Reserve Bank advised that IDFC Limited will remain included in the bank list for FIIs/RFPIs," it said.

The company has been gradually paring the foreign shareholding limit to meet the pre-requisite of bringing it down to run banking services.
Shares of the company today closed 2.38 per cent down at Rs 137.25 per scrip on the BSE.