Mumbai: Foreign investors have been allowed to raise their stake in Aditya Birla Nuvo to up to 30 per cent.
"Foreign Institutional Investors/Registered Foreign Portfolios Investors can under the portfolio investment scheme (PIS) now invest up to 30 per cent of the paid up capital of Aditya Birla Nuvo Ltd," the Reserve Bank of India said in a notification.
The earlier limit was up to 24 per cent.
The raise in foreign investment limit follows company's passage of a resolution by the board of directors and its shareholders' special resolution agreeing for enhancing the limit for the purchase of its equity shares by the foreign investors.
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 and has fixed the cut-off points two percentage points lower than the actual ceiling.
Shares in Aditya Birla Nuvo ended 0.45 per cent lower at Rs 1,383 apiece on the BSE, whose benchmark Sensex index finished up 0.36 per cent.
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