Foreign investors can buy 49 per cent shares in Persistent Systems

MUMBAI: The Reserve Bank has allowed foreign investors to buy up to 49 per cent of the paid up capital in Persistent Systems as the limit to which they can buy in the company has gone below the threshold.

"FIIs/RFPIs can now invest up to 49 per cent of the paid up capital of Persistent Systems Ltd under the Portfolio Investment Scheme," RBI said in a notification.

Foreign shareholding by Foreign Institutional Investors (FIIs)/ Registered Foreign Portfolios Investors (RFPIs) in the company had gone below the threshold limit, following which, the RBI has withdrawn the restrictions placed on the purchase of shares of the company.

The decision to enhance the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs came after the board passed a special resolution on the issue.