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The Reserve Bank of India has provided its permission to the foreign investors for increasing their stake in Hindustan Petroleum Corp to up to 40 percent under portfolio investment scheme (PIS).
According to an RBI notification, “Foreign Institutional Investors (FIIs)/ Registered Foreign Portfolios Investors (RFPIs) from default can now invest from existing 24 percent up to 40 percent of the paid up capital of Hindustan Petroleum Corporation Ltd (HPCL) under PIS.”
RBI has said that a special resolution had been passed by company shareholders for enhancing the limit for purchase of equity shares by FIIs/RFPIs.
