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India cbank bars foreign investors from buying more Pantaloon shares

Source : REUTERS
Last Updated: Wed, Jan 23, 2013 14:40 hrs

MUMBAI, Jan 23 (Reuters) - India's central bank has barred foreign institutional investors (FIIs) from buying shares in Pantaloon Retail Ltd, after the company breached the overall limit of 24 percent of its paid-up capital.

"No further purchases of shares of this company would be allowed through stock exchanges in India on behalf of foreign institutional investors," the RBI said in a notification on Wednesday.

On Tuesday, shares of Pantaloon, India's biggest retail group, rose as much as 10.6 percent after the central bank eased restrictions on its share purchases by foreign institutional investors, non-resident Indians as well as investors of Indian origin.

The central bank removed the restrictions after the aggregate shareholding held by these categories of investors fell below the threshold limit under the Foreign Direct Investment Scheme, the Reserve Bank of India said. (Reporting by Neha Dasgupta; Editing by Susan Fenton)




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