The company, which received a commercial banking licence in April, plans to start bank operations by October next year. The banking regulations require that a bank should be floated by a domestic entity and it should pare foreign investor holding to 49 percent to run banking services.
Infrastructure financing firm IDFC has reduced the foreign shareholding limit by 0.75 percent to 51.50 percent in view of its plans to rollout banking services next year.
The company, which received a commercial banking licence in April, plans to start bank operations by October next year. The banking regulations require that a bank should be floated by a domestic entity and it should pare foreign investor holding to 49 percent to run banking services.
RBI said IDFC passed resolutions at the Board of Directors' level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs to 49 percent before launching the banking services.
"The Reserve Bank of India notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 51.50 percent of the paid up capital of IDFC Limited under Portfolio Investment Scheme (PIS)," RBI said in a notification.
Earlier the foreign shareholding in the company was at 52.25 percent.
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.
IDFC stock price
On July 08, 2014, IDFC closed at Rs 137.05, down Rs 5.25, or 3.69 percent. The 52-week high of the share was Rs 147.15 and the 52-week low was Rs 76.25.
The company's trailing 12-month (TTM) EPS was at Rs 11.21 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 12.23. The latest book value of the company is Rs 96.97 per share. At current value, the price-to-book value of the company is 1.41.
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