RBI allows hike in foreign investment limit in Eris Lifesciences

As per a notification from the Reserve Bank of India (RBI), the investment limit for foreign institutional investors (FIIs) and foreign portfolios investors (FPIs) under the portfolio investment scheme (PIS) in Eris Lifesciences has been increased from 24% to 49% of its paid-up capital. Also, the NRI investment limit under this scheme has been hiked from 10% to 24% of its paid-up capital.
 
Eris Lifesciences has passed the mandatory resolutions of its board of directors and the general body as required under FEMA 1999 and the regulations framed under its aegis. FIIs, NRIs and PIOs (persons of Indian origins) can invest in primary and secondary capital markets in India through PIS. The RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. It has fixed the cut-off point at 2% lower than the actual ceiling.
 
Meanwhile, the scrip of Eris Lifesciences was trading at Rs 595, up by 1.53% in the pre-market session of Wednesday. It had an adjusted 52-week high at Rs 728 (July 14, 2017) and adjusted 52-week low at Rs 510.50 (August 11, 2017) on the BSE.