New Delhi: The Reserve Bank has allowed foreign investors to buy up to 49 percent of the paid-up capital of Bajaj Corp Ltd.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 percent of the paid-up capital of Bajaj Corp under the Portfolio Investment Scheme (PIS)," RBI said in a notification.
As of quarter ended September 2014, FIIs held 15.21 percent in the company, according to BSE data.
The decision to hike foreign shareholding follows passage of resolution by Board of Directors and a special resolution by shareholders, agreeing to enhance the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The RBI monitors the 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.
Bajaj Corp scrips closed 0.25 percent up at Rs 399.45 apiece on the BSE.
