The Reserve Bank of India (RBI) said on Thursday that foreign institutional investors (FIIs) and registered foreign portfolios investors (RFPIs) can now invest up to 34% of the paid up capital of Container Corporation of India under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.

RBI further advised that the foreign shareholding by FIIs/RFPIs in Container Corporation of India has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares are withdrawn with immediate effect.

Shares of the company declined Rs 2.6, or 0.17%, to settle at Rs 1,488.25. The total volume of shares traded was 12,154 at the BSE (Thursday).