RBI raises FII limit in Power Grid to 30%

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RBI raised Foreign Institutional Investors' investment limit in Power Grid Corporation to 30 per cent. Reuters RBI raised Foreign Institutional Investors' investment limit in Power Grid Corporation to 30 per cent. Reuters
SummaryRBI raised Foreign Institutional Investors' investment limit in Power Grid Corporation to 30 per cent...

The Reserve Bank today raised Foreign Institutional Investors' (FIIs) investment limit in Power Grid Corporation to 30 per cent of its paid up capital.

FIIs, through primary market and stock exchanges, can now purchase up to 30 per cent of the paid up capital of Power Grid Corporation of India under the Portfolio Investment Scheme (PIS), RBI said in a notification.

The investment ceiling was raised following passing of such resolutions at the board of directors' level and a special resolution by the shareholders.

FIIs can acquire and hold, on their own account and on behalf of each of their Sebi-approved sub-accounts, shares of the company up to an aggregate limit of 30 per cent of the paid up capital.

FII holdings have been on the rise since the company's first follow-on public offer in 2010.

Power Grid had hit the capital market with an initial public offering in October 2007.

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