The Reserve Bank of India (RBI) said on Monday that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Time Technoplast under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.

Shares of the company declined Rs 1, or 1.95%, to settle at Rs 50.35. The total volume of shares traded was 57,376 at the BSE (Monday).