The Reserve Bank on Friday said foreign investors cannot buy equity shares in South Indian Bank (SIB) through stock exchanges as the foreign shareholding limit in the bank reached the trigger level.
The apex bank said that foreign shareholding in South Indian Bank has crossed the prescribed threshold limit as per extant FDI policy.
"Hence, further purchases of equity shares of this company would not be allowed through Stock Exchanges in India on behalf of FIIs/RFPIs/NRIs/PIOs and through FDI/ADRs/GDRs," it said in a notification.
FIIs held 40.45 per cent stake in the bank as of June 30, 2014, according to the BSE data.
(Published 25 July 2014, 18:20 IST)
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