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RBI bans FIIs from picking up Pentafour equity

The Reserve Bank of India has disallowed any further purchases of shares of Pentafour Software by the foreign institutional investors as their stake in that company had reached the limit of 24 per cent.

The RBI stated that no further purchases of shares of this company should, therefore, be made through stock exchanges in India on behalf of the FIIs.

The RBI has also advised that, as per the resolution passed by the board and general body meeting of NIIT Limited, the FIIs can now purchase its equity shares and convertible debentures up to 30 per cent of the paid-up capital NIIT Limited, through primary and stock exchanges.

As such, the earlier RBI advice not to buy equity shares of NIIT on behalf of the FII/NRI/OCB clients from the secondary market, as the overall ceiling of 24 per cent had been reached, stands withdrawn.

UNI

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