The Reserve Bank of India (RBI) said on Friday that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of Manappuram Finance under the Portfolio Investment Scheme (PIS).
Earlier the company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).
Accordingly, the Reserve Bank has notified, regarding raising of aggregate ceiling for investments by FIIs in Indian companies under PIS.
Shares of the company gained Rs 0.8, or 3.6%, to trade at Rs 23.05. The total volume of shares traded was 456,259 at the BSE (11.37 a.m., Monday).
Manappuram Finance Limited (Q,N,C,F)*