The Reserve Bank today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 35 per cent of the paid up capital of Titan Company Ltd under the Portfolio Investment Scheme (PIS).

RBI said, both the companies have passed resolutions at its board of directors level and special resolutions in order to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

As of quarter ended September, FIIs held 21.07 percent in Titan and 15.06 percent in Shilpa Medicare, according to data available on BSE.

RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.

Titan Company stock closed up 0.88 percent at Rs 362.70 on BSE. Shipa Medicare closed at Rs 457.80, up 2.34 percent.

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