Limit for foreign investments in Ujjivan Financial Services has been reduced to 47 per cent from the earlier 49 per cent, the RBI said today.
It's board had agreed to lower the limit for the purchase of its shares and convertible debentures by FIIs, registered foreign portfolio investors (RFPIs), qualified foreign investors (QFIs) and others through primary market and stock exchanges up to 47 per cent of the paid-up capital under the portfolio investment scheme.
"Hence, FIIs, RFPIs, FDI, QFIs, ADR, GDR, NRIs, PIO investment limit under PIS for Ujjivan Financial Services stands decreased from 49 per cent to 47 per cent," the Reserve Bank said.
Earlier in the day, Ujjivan Small Finance Bank (SFB), a wholly owned subsidiary of Ujjivan Financial Services, opened five branches in Delhi. It had begun small finance bank services in February with the opening of five branches in Bengaluru.
Ujjivan SFB said nearly 200 branches of its parent company will be converted into small banks by the end of this financial year and the remaining in the next two years.
Ujjivan Financial Services, which has 457 branches in the country, closed at Rs 403.30 on the BSE, up 0.39 per cent.
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