Pilani Investment and Industries Corporation Ltd on Wednesday (December 11) said it has submitted an application to the Reserve Bank of India (RBI) requesting the conversion of the company from a non-banking financial company (NBFC) to a core investment company (CIC).

“This is to inform you that the Company has today i.e 11th December 2024, submitted an application with the Reserve Bank of India for conversion of the Company from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC),” Pilani Investment and Industries Corporation said in a regulatory filing.

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A core investment company is a specialised NBFC with an asset size greater than ₹100 crore. Based on the RBI circular on December 20, 2016, the main job of a CIC is the acquisition of shares and securities with certain conditions.

The CIC is supposed to hold not less than 90% of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies. All CICs with an asset size above ₹100 crore are regulated by RBI laws.

Shares of Pilani Investment and Industries Corporation Ltd ended at ₹6,107, down by ₹96, or 1.55%, on the BSE.

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