Mumbai: Reserve Bank has allowed foreign investors to buy further shares in South Indian Bank as foreign investment in the bank has gone below the prescribed limit.
The aggregate share holdings in South Indian Bank by Non-Resident Indians, Persons of Indian Origin, Foreign Institutional Investors, Registered Foreign Portfolios Investors and through Global Depository Receipts, American Depository Receipts, Foreign Direct Investment in primary & secondary markets have gone below the prescribed threshold ban limit under FDI policy.
"Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect," RBI said in a notification.
As per data available on data on BSE, FIIs held 32.09 percent shares in South Indian Bank as of quarter ended December 2014.
South Indian Bank scrip closed 1.31 per cent lower at Rs 26.35 apiece on BSE today.
PTI
First Published: Tuesday, February 24, 2015, 21:37