Mumbai: The Reserve Bank of India on Monday said the aggregate ceiling for foreign investors to invest in Ujjivan Financial Services will remain at 49 per cent.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
In view of listing of Ujjivan Financial Services Limited shares on stock exchanges, the aggregate investment ceiling for foreign institutional investor/registered foreign portfolio investors investment under the portfolio investment scheme shall remain at 49 per cent, the RBI said in a notification.
It further said the aggregate limit for NRI investment shall not exceed 10 per cent.
"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 on Tuesday.
The company had received in-principle nod from the RBI to set up a small finance bank.
Companies who have received the RBI's in-principle approval to set up a small finance bank need to bring down their foreign shareholding to 49 per cent.
Ujjivan is the second microfinance firm to go public this fiscal, to bring down its foreign shareholding.
Another microfinance firm Equitas Holdings came out with its IPO last month.