The Reserve Bank of India today notified that Foreign Institutional Investors (FIIs) can invest upto 100 per cent and Non Resident Indians (NRIs)/Person of Indian Origin (PIOs) upto 24 per cent of the total paid up capital of M/s. Redington (India) Limited. The purchases can be made through primary market and stock exchanges under the Portfilio Investment Scheme (PIS).
The revised FII limit of upto 100 per cent and NRI/PIO upto 24 per cent are within the overall 100 per cent FDI limit applicable to the company.
M/s. Redington (India) Limited has passed a resolution at its board of directors' level and through resolution by postal ballot to this effect. The enhancements in the limits are subject to the following conditions :
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The purchases of equity shares by a single FII/Securities and Exchange Board of India (SEBI) approved sub-account of a registered FII in the company does not exceed 10 per cent of the paid-up equity capital of the company.
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The total purchase of shares by all NRIs/PIOs both, on repatriation and non-repatriation basis, should be within an overall ceiling limit of (a) 24 per cent of the total paid up equity capital of the company or (b) 24 per cent of its total paid up value of each series of convertible debentures.
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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 per cent of the paid up equity capital of the company or 5 per cent of total paid up value of each series of convertible debentures issued by the company.
Ajit Prasad
Assistant General Manager
Press Release : 2010-2011/752 |
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