RBI puts UPL in caution list as FII limit reaches trigger point

MUMBAI: The Reserve Bank of India ( RBI) has put UPL Limited (formerly United Phosphorus Limited) under its caution list as the stipulated foreign investment limit in the company has been reached.

RBI said it is monitoring the foreign investment limit under the portfolio investment scheme (PIS) in the companies and has incorporated it in the caution list.

"The foreign shareholding by Foreign Institutional Investors ( FIIs)/Registered Foreign Portfolios Investors (RFPIs) in M/s UPL limited has reached the trigger limit.

"Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India," RBI said in a notification.

As per the data available on the BSE, FIIs held 48.59 per cent shares in the company as of quarter ended June 30, 2014.