India limits foreign fund buying in ACC

India limits foreign fund buying in ACC
Published: 01 December 2004

The Reserve Bank of India said foreign institutional investors cannot make new purchases of Associated Cement Companies Ltd. (ACC) without its approval, as their holdings had reached the trigger limit of 24 percent.    Shares in ACC, the second-biggest cement maker by capacity, ended 1.3 per cent lower at 286.80 rupees in a firm Bombay market ahead of the announcement on Tuesday.