Current Affairs: The Reserve Bank of India has allowed foreign investors to pick up to 45 per cent in Jubilant Life Sciences under the portfolio investment scheme (PIS).
The company passed a resolution at the level of its board of directors and a special resolution by shareholders, agreeing to enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.
As of quarter ended September 2015, FIIs held 17.56 per cent in the company, data on the BSE showed.
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.