Reserve Bank of India (RBI) has allowed Foreign Institutional Investors (FIIs) to buy shares in Future Retail as the foreign shareholding in the company has gone below the prescribed limit. RBI further stated that the restrictions placed on the purchase of shares of the company are withdrawn with immediate effect.
Earlier, the RBI had placed restriction on FIIs to purchase shares in Future Retail as the foreign shareholding had crossed the overall permissible limit of 24% of paid-up capital.
Future Retail (formerly known as Pantaloon Retail (India)) is India’s leading retail chain and part of Indian conglomerate Future Group. It operates retail space spread over 11 million square feet. It has a network of more than 1000 stores across 63 cities in India and has employee strength of 30,000 people.
