The Reserve Bank of India (RBI) has allowed increase in FPI investment limit in Petronet LNG to 40 per cent from 30 per cent earlier.
“The Reserve Bank of India has notified that the Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in M/s Petronet LNG Ltd. has increased from 30% to 40% of its paid up capital. M/s Petronet LNG Ltd. has passed necessary resolutions of its Board of Directors and General Body as required under the FEMA, 1999 and the regulations framed thereunder,” RBI said in a notification.
The increase is subject to regulation 5(2) of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2017 dated November 07, 2017, as amended from time to time, and the onus of compliance with the limits prescribed for the company is on the company.
Meanwhile, shares of the company were trading at Rs 257.00 apiece, up 1.76 per cent from the previous close at 11:12 hours on BSE.