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RBI allows up to 49% FII in Siti Cable

MUMBAI: The Reserve Bank of India (RBI) has allowed foreign investors to buy up to 49 per cent stake in Siti Cable Network, a multi-system operator (MSO) which has a pan-India presence.

Foreign institutional investors (FIIs) and registered foreign portfolio investors (RFPIs) can now invest up to 49 of the paid-up capital of Siti Cable Network under the Portfolio Investment Scheme (PIS), RBI said in a statement.

The ceiling on FIIs, NRIs and PIOs (persons of Indian origin) is monitored by the RBI on a daily basis.

The company has passed resolutions at its board of directors level and a special resolution through shareholders, agreeing to raising the limit for the purchase of its equity shares by FIIs and RFPIs.

As of the September quarter, FIIs held 13.88 per cent of the company, according to BSE data.

Siti Cable shares closed at Rs 36.80 on BSE on Monday, up 0.25 per cent from its previous close.