The Reserve Bank of India today notified that Hindalco Industries Limited has agreed to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) under the Portfolio Investment Scheme up to 40 per cent of its total paid up capital. The company has passed a resolution at the board of directors' level and extra-ordinary general meeting by its shareholders to do so.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of Hindalco Industries Limited provided :

(i) The total purchases of all FIIs does  not exceed the applicable overall ceiling limits of 40 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.

Ajit Prasad
Manager

Press Release : 2009-2010/767