May 09, 2016, 10.13 PM | Source: PTI
Reserve Bank today said the aggregate ceiling for foreign investors to invest in Ujjivan Financial Services will remain at 49 percent.
In view of listing of shares of the company, Ujjivan Financial Services Limited on stock exchange, the aggregate investment ceiling for Foreign Institutional Investor /Registered Foreign Portfolios Investors investment under Portfolio Investment Scheme shall remain at 49 percent, RBI said in a notification.
It further said the aggregate limit for NRI investment shall not exceed 10 percent.
"The total foreign investment from all sources...in the company shall not exceed 49 per cent," it said.
The microfinance company recently witnessed robust demand for its recently-concluded IPO. The shares of the company will be listed on the bourses tomorrow.
The company had received in-principle nod from RBI to set up a small finance bank.
Companies who have received RBI in-principle approval to set up a small finance bank, need to bring down their foreign shareholding to 49 percent.
Ujjivan is the second micro-finance firm to go public this fiscal, to bring down its foreign shareholding.
Another micro-finance firm Equitas Holdings came out with its IPO last month.