The Reserve Bank of India (RBI) has notified that foreign institutional investors (FIIs) or registered foreign portfolios investors (RFPIs) can now invest up to 30 per cent of the paid up capital of UltraTech Cement under the Portfolio Investment Scheme (PIS).

The RBI said, "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 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. The Reserve Bank has notified this under FEMA 1999,'' it added.

Shares of the company gained Rs 118.9, or 3.06%, to trade at  Rs 4,007.55.  The total volume of shares traded  was  8,060 at the BSE (9.46 a.m., Wednesday).