RBI allows Tech Mahindra to raise FII limit up to 35%

The Reserve Bank today allowed Tech Mahindra to raise the purchasing limit of shares by foreign institutional investors in the company by up to 35 per cent of the paid up capital.

"Tech Mahindra has passed resolutions at the Board of Directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional

Investors (FIIs), through primary market and stock exchanges up to 35 per cent of the paid up capital of the company under Portfolio Investment Scheme," RBI said in a notification.

Foreign Institutional Investors (FIIs), NRIs and Persons PIOs are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).

Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.

As of June quarter 2013, FIIs had holding of 26.79 per cent in the company, as per data available on the BSE.