The RBI decision comes after Manappuram Board passed a resolution to enhance the limit for purchase of its equity shares and convertible debentures by FIIs. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (PIS).
The Reserve Bank today increased the foreign investment limit in Manappuram Finance Ltd and said such investors can now buy up to 49 percent stake in the company. "The RBI...notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 49 per cent of the paid up capital of Manappuram Finance Limited under the Portfolio Investment Scheme (PIS)," RBI said in a notification.
The RBI decision comes after Manappuram Board passed a resolution to enhance the limit for purchase of its equity shares and convertible debentures by FIIs. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (PIS). The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.
Also Read: Manappuram Finance launches another public issue
To effectively monitor the limit, RBI has fixed cut-off points two percentage points lower than the actual ceiling. As per the data available on BSE, FIIs held 41.86 percent shares in Manappuram at the end of quarter ended December.
Shares of the company today closed 1.33 percent lower at Rs 22.25 apiece on the BSE.
Manappuram Fin stock price
On March 07, 2014, Manappuram Finance closed at Rs 22.25, down Rs 0.3, or 1.33 percent. The 52-week high of the share was Rs 35.65 and the 52-week low was Rs 9.85.
The company's trailing 12-month (TTM) EPS was at Rs 0.62 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 35.89. The latest book value of the company is Rs 29.04 per share. At current value, the price-to-book value of the company is 0.77.
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