A businessman holds a briefcase and smartphone as he passes a bank (Photographer: Simon Dawson/Bloomberg)

FIIs Can Invest Up To 49% In ICICI Lombard, Petronet LNG, Edelweiss

The Reserve Bank of India has allowed foreign investors to raise their stake in ICICI Lombard General Insurance Company Ltd. to 49 percent under the portfolio investment scheme.

“The Foreign Portfolios Investors investment limit under Portfolio Investment Scheme in ICICI Lombard General Insurance Company Ltd has (been) increased from 24 percent to 49 percent of its paid up capital,” RBI said in a release.

Besides, it has also increased investment limit for FPIs in Petronet LNG Ltd. and Edelweiss Financial Services to up to 49 percent from 30 percent and 40 percent, respectively.

The RBI said these companies passed necessary resolutions at their board of directors and general body under the Foreign Exchange and Management Act regulations.

FIIs, NRIs and Persons of Indian Origins can invest in primary and secondary capital markets in India through PIS.

RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. It has fixed the cut-off points two percentage points lower than the actual ceiling.

Shares of ICICI Lombard General Insurance closed 1.30 percent down at Rs 677.60 apiece on BSE, Petronet LNG 0.72 percent up at Rs 252.55 and Edelweiss Financial Services 0.89 percent lower at Rs 279.95.