The Reserve Bank (RBI) has allowed non-resident Indians (NRIs) to raise their stake in Parag Milk Foods up to 24 per cent from earlier limit of 10 per cent.
The Non Resident Indians (NRIs) investment limit under Portfolio Investment Scheme in Parag Milk Foods Ltd has been increased from 10 per cent to 24 per cent of its paid up capital, RBI said in a notification.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The 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.
Parag Milk Foods shares closed 5.79 per cent down at Rs 350.85.
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