The Reserve Bank of India (RBI) has notified that the Foreign Portfolio Investors (FPIs) investment limit under Portfolio Investment Scheme in Future Retail has increased from 24% to 49% of its paid up capital.

Future Retail has passed necessary resolutions of its Board of Directors and General Body as required under the FEMA, 1999 and the regulations framed thereunder.

The increase is subject to regulation 5(2) of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2017 dated November 07, 2017, as amended from time to time, and the onus of compliance with the limits prescribed for the company is on the company.

Shares of the company gained Rs 8.30, or 1.57%, to trade at  Rs 531.00.  The total volume of shares traded  was  18,817 at the BSE (10.05 a.m., Tuesday).