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The Reserve Bank of India (RBI) today allowed IRB Infrastructure Developers and Radico Khaitan to enhance FII investment limit under the Portfolio Investment Scheme.
“IRB Infrastructure Developers and Radico Khaitan have passed resolutions...for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs, through primary market and stock exchanges: up to 49 per cent (IRB Infrastructure Developers) and up to 30 per cent (Radico Khaitan) of the paid up capital of the company under Portfolio Investment Scheme,” the RBI said in a notification.
Since 49 per cent for IRB Infrastructure Developers and 30 per cent for Radico Khaitan are intermediate ceilings fixed for the FIIs, the RBI will not be monitoring the same and it will be the company’s responsibility to ensure that the applicable cap is not breached, it added further.
The RBI said the approval is given subject to the condition that compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on IRB Infrastructure Developers and Radico Khaitan.
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