"FIIs/RFPIs can now invest up to 49 per cent of the paid up capital of Persistent Systems Ltd under the Portfolio Investment Scheme," RBI said in a notification.
The Reserve Bank has allowed foreign investors to buy up to 49 percent of the paid up capital in
Persistent Systems as the limit to which they can buy in the company has gone below the threshold.
"FIIs/RFPIs can now invest up to 49 per cent of the paid up capital of Persistent Systems Ltd under the Portfolio Investment Scheme," RBI said in a notification.
Foreign shareholding by Foreign Institutional Investors (FIIs)/ Registered Foreign Portfolios Investors (RFPIs) in the company had gone below the threshold limit, following which, the RBI has withdrawn the restrictions placed on the purchase of shares of the company.
The decision to enhance the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs came after the board passed a special resolution on the issue.
Persistent stock price
On October 14, 2014, Persistent Systems closed at Rs 1428.50, down Rs 12.5, or 0.87 percent. The 52-week high of the share was Rs 1550.00 and the 52-week low was Rs 663.60.
The company's trailing 12-month (TTM) EPS was at Rs 62.57 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 22.83. The latest book value of the company is Rs 300.47 per share. At current value, the price-to-book value of the company is 4.75.
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