The Reserve Bank today said foreign institutional investors cannot purchase shares in Kishore Biyani-promoted Pantaloon Retail anymore as the company has hit the FII limit. “No further purchases of shares of Pantaloon Retail would be allowed in the stock exchanges in India on behalf of FIIs/NRIs/PIOs,” RBI said in a release.
The RBI direction came as the foreign shareholding in Pantaloon Retail by foreign institutional investors or non-resident Indians or persons of Indian origin under Portfolio Investment Scheme has reached the overall limit of 25.77 per cent of its paid-up capital.
Pantaloon Retail is the flagship company of Biyani’s Future Group. Shares of Pantaloon Retail today closed at Rs 387.25, down 4.9 per cent from the previous close.
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