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FIIs allowed to hold 40% in Karur Vysya Bank

Reserve Bank of India has allowed fForeign institutional investors (FIIs) to raise their stake in Karur Vysya Bank to up to 40%. RBI said the approval is subject to the condition that aggregate foreign investment in the bank should also not exceed the composite sectoral cap of 49% (49% under automatic route and beyond 49% to 74 per cent under government route). RBI also said equity shares held by a single FII should not exceed 10% of the paid-up equity capital of the bank and the investment should be within the stipulated celings. Under the existing conditions, RBI should be informed about acquisition or transfer of shares of 5% and more of a private sector bank by FIIs. FIIs, NRIs and PIOs are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS). As on September 2013, FII holding in the bank stood at 24.89%, domestic institutional investor holdings at 13.30%, public holding at 58.75% and promoter holdings at 3.06%.

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