Bajaj hits FII limit, Saw Pipes near ceiling: RBI

The Reserve Bank of India has asked foreign investors not to purchase further shares of Bajaj Auto through stock exchanges as the company has reached threshold limit of 24 per cent of its total paid-up capital.

"No further purchases of shares of Bajaj Auto Ltd, should be made through stock exchanges in India on behalf of FIIs," the RBI said in a release.

The Reserve Bank added the aggregate share holding of foreign institutional investors (FIIs) under portfolio investment scheme in Bajaj Auto has reached the overall limit of 24 per cent of its paid-up equity capital.

The RBI also notified that the FII share holding of Saw Pipes Ltd has reached 22 per cent of its paid-up capital and has also requested to intimate immediately the total number and face value of the equity shares of this company proposed to be purchased under portfolio investment scheme (PIS) through stock-exchange/s in India on behalf of FIIs.

Further purchases, if any, till the PIS reaches 24 per cent ceiling, will be cleared by the RBI on receipt of such proposals, on first-come-first-served basis, after taking into account the purchases proposed to be made by all designated bank branches, RBI said in another release.