The Reserve Bank of India today notified that M/s. GCV Services Limited has agreed to enhance the limit for the 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 49 per cent of its total paid up capital. The company has passed a resolution at the Board of Directors' level and a special resolution to this effect by the shareholders.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of M/s. GCV Services Limited, provided :

1. The total purchases by all FIIs does not exceed the applicable overall ceiling limits of 49 per cent of total paid-up equity capital and total paid-up value of each series of convertible debentures of the company.

2. 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.

R.R. Sinha
Deputy General Manager

Press Release : 2010-2011/885