Foreign investment limit raised to 40% in Adani ports and SEZ
New Delhi: The Reserve Bank has allowed foreign investors to invest up to 40 per cent of the paid up capital in Adani Ports and Special Economic Zone Ltd (APSEZ) under the Portfolio Investment Scheme (PIS).
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 40 per cent of the paid up capital of APSEZ under PIS, the central bank said in a notification.
The decision came after passage of a resolution at the company's Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of APSEZ's equity shares and convertible debentures by FIIs/RFPIs.
The purchases can be made through the primary market and stock exchanges.
As of March 31, 2015, foreign investors held 18.63 per cent in the company, as per data available on BSE.
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 of the company today closed at Rs 311.60 apiece on the BSE, down 3.72 per cent from previous close.