Mumbai: The Reserve Bank of India (RBI) has allowed foreign investors to park up to 49 per cent of paid-up capital of Bharti Infratel Ltd under portfolio investment scheme (PIS).
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of Bharti Infratel under Portfolio Investment Scheme (PIS)," the RBI said in a notification.
The decision follows passage of special resolution by shareholders and board of directors of Bharti Infratel 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.
Bharti Infratel is a provider of tower and related infrastructure for telecom sector.
Shares in Bharti Infratel, on Wednesday, ended at Rs 364.65 apiece on the BSE, down 1.21 per cent from the previous close.