Reserve Bank of India said NRIs are restricted from buying further shares in Asian Hotels (West) Ltd as the allowed limit of 10 per cent has been breached.
Foreign shareholding in the company by Non-Resident Indians (NRIs) has breached the limit of 10 per cent of its paid up capital, RBI said in a notification.
“Therefore, no further purchases of shares of this company would be allowed through Stock Exchanges in India on behalf of NRIs,” it said.
FIIs, NRIs and PIOs (Persons of Indian Origin) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (PIS).
RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. It has fixed the cut-off points two percentage points lower than the actual ceiling.
Stocks of Asian Hotels (West) closed 6.26 per cent down at Rs 167.70 on BSE on Monday.