The Reserve Bank of India (RBI) has notified that the foreign shareholding by American depository receipts (ADR) or global depository receipts (GDR), foreign institutional investors (FIIs), registered foreign portfolios investors (RFPIs) or non resident Indian (NRIs), foreign direct investment (FDIs), persons of Indian origin (PIOs) in The South Indian Bank has reached the trigger limit.
Hence further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India.
Shares of the bank declined Rs 0.05, or 0.21%, to trade at Rs 23.60. The total volume of shares traded was 122,529 at the BSE (11.01 a.m., Monday).