The Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) can now invest from 30 per cent to 40 per cent of the paid up capital of Shilpa Medicare under the Portfolio Investment Scheme (PIS).

RBI, said, ''The company has passed resolutions at its board of directors' level and a special resolution by general body agreeing for enhancing the FII/FPI investment limit under Portfolio Investment Scheme from 30 per cent to 40 per cent of the paid up capital of the company. The Reserve Bank has notified this under Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000.''

Shares of the company declined Rs 15.95, or 2.44%, to trade at Rs 637.00. The total volume of shares traded was 7,331 at the BSE (10.27 a.m., Tuesday).