Titan Co, Shilpa Medicare Allowed to Raise Foreign Holding

Mumbai: RBI has allowed Titan Company and Shilpa Medicare to raise investment limit for foreign participants to 35 per cent and 30 per cent, respectively.

The Reserve Bank today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 35 per cent of the paid up capital of Titan Company Ltd under the Portfolio Investment Scheme (PIS).

Besides, it said FIIs and RFPIs can invest up to 30 per cent of the paid up capital of Shilpa Medicare Ltd under PIS.

RBI said, both the companies have passed resolutions at its board of directors level and special resolutions in order to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

As of quarter ended September, FIIs held 21.07per cent in Titan and 15.06per cent in Shilpa Medicare, according to data available on BSE.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.

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.

Titan Company stock closed up 0.88 per cent at Rs 362.70 on BSE. Shipa Medicare closed at Rs 457.80, up 2.34 per cent.