| Date : 06 Nov 2009 |
|Investment by FIIs under PIS : United Spirits Limited |
The Reserve Bank of India today notified that United Spirits Limited has enhanced the limit for investments by purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges under the Portfolio Investment Scheme (PIS) up to 59 per cent of its paid up capital. The company has passed a resolution at the board of directors' level and at the Annual General Meeting.
Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of United Spirits Limited provided :
The total purchases of all FIIs does not exceed the applicable overall ceiling limits of 59 per cent of total paid-up equity capital and total paid-up value of each series of convertible debentures of the company.
(ii) The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company does not exceed 10% (Ten per cent) of the paid-up equity capital of the company.
Press Release : 2009-2010/677