Reserve Bank has allowed foreign investors to raise their stake in ICICI Lombard General Insurance Company to 49 per cent under the portfolio investment scheme (PIS).
"The Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in ICICI Lombard General Insurance Company Ltd has (been) increased from 24 per cent to 49 per cent of its paid up capital," RBI said in a release.
Besides, it has also increased investment limit for FPIs in Petronet LNG Ltd and Edelweiss Financial Services to up to 49 per cent from 30 per cent and 40 per cent, respectively.
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The RBI said these companies passed necessary resolutions at their board of directors and general body under FEMA (Foreign Exchange and Management Act) regulations.
FIIs ( foreign institutional investors), NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. It has fixed the cut-off points two percentage points lower than the actual ceiling.
Shares of ICICI Lombard General Insurance closed 1.30 per cent down at Rs 677.60 apiece on BSE, Petronet LNG 0.72 per cent up at Rs 252.55 and Edelweiss Financial Services 0.89 per cent lower at Rs 279.95.
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