RBI asks FIIs to bring down stake in IIFL Holdings to 80%

It said purchases could be made through primary market and stock exchanges

Reserve Bank said on Friday foreign investors will have to bring down their stake in IIFL Holdings to 80% from 100% at present.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from the existing 100% up to 80% of the paid up capital of M/s IIFL Holdings Limited (Formerly India Infoline Limited) under the Portfolio Investment Scheme (PIS)", RBI said.

RBI said the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares by FIIs/RFPIs.

The purchases could be made through primary market and stock exchanges, it added.