RBI disallows investment by FIIs in Advanta India Limited under PIS

The Reserve Bank of India has today notified that no further purchases of equity shares of Advanta India Limited should be made on behalf of Foreign Institutional Investors (FIIs) under Portfolio Investment Scheme (PIS) through stock exchanges in India. The Reserve Bank has stated that Advanta India Limited has reached the limit of 24 per cent of its paid up capital.

The stock is slated to list in both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) tomorrow (April 19, 2007 - Thursday).

Source : Equity Bulls

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