The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs) can now purchase under Portfolio Investment Scheme (PIS) equity shares and convertible debentures of M/s Neha International Ltd. through primary market and stock exchanges in India upto 49 per cent of their paid up capital as the company has passed resolutions at their Board of Directors' level and Extra-Ordinary General Meeting to this effect.

The purchases of equity shares/convertible debentures by a single Foreign Institutional Investor (FII)/Securities & Exchange Board of India (SEBI) approved sub-account of a registered FII shall not exceed 10 percent of the paid-up capital of the company.

The above company has also passed a resolution at the General Body Meeting agreeing for the purchase of their equity shares and convertible debentures by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) upto 24% of their paid-up capital through stock exchanges under Portfolio Investment Scheme (PIS) subject to –

(i) The total purchase of shares by all NRI/PIOs both on repatriation and non-repatriation should be within an overall ceiling limit of (a) 24% of the total paid up equity capital of the bank of (b) 24% of its total paid up value of each series of convertible debenture;

(ii) Investments made both on repatriation and non-repatriation basis, by any single NRI/PIO in the equity shares and convertible debentures should not exceed 5 percent (Five percent) of the paid-up equity capital of the bank or 5 percent of total paid-up value of each series of convertible debentures issued by the above company.

Ajit Prasad
Manager

Press Release : 2008-2009/1940