RBI restricts further FII buys of Prestige Estate stake

The Reserve Bank has put a restriction on further buys in Prestige Estate Projects’ shareholding by foreign buyers as the prescribed limit of 24 per cent has been crossed. Foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in Prestige Estate Projects Ltd has crossed the limit of 24 per cent of its <g data-gr-id="11">paid up</g> capital, RBI said in a notification. 

“Therefore, no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPIs,” it said. As per data available on BSE, FIIs held 22.16 per cent stake in the company as of quarter ended June 2015. FIIs, NRIs and PIOs can invest in capital markets in India through PIS.