Non-resident Indians (NRIs) can up their stake in Somany Ceramics as the allowed limit has gone below the threshold.
The aggregate foreign share holding by NRIs under Portfolio Investment Scheme in Somany Ceramics Ltd have gone below the prescribed threshold limit.
"Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," the Reserve Bank said in a notification today.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
NRIs can invest up to 10 per cent of the paid up capital in listed Indian companies which can be raised to up to 24 per cent subject to the approval of the general body of the company.
As per data on BSE, invest under foreign portfolio investment had a share of 6.36 per cent of the paid up capital as on September 30, 2017.
Stock of the company closed 2.93 per cent higher at Rs 905.25 on BSE.
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