The Reserve Bank of India today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now purchase shares of M/s Hathway Cable & Datacom Limited. The investments can go up to 74 per cent (revised from earlier limit of 49 per cent stipulated under Foreign Direct Investment policy) of the company’s paid up capital through GDR/ADR/FDI under the Portfolio Investment Scheme (PIS) in primary market and stock exchanges. The purchases would be subject to Regulation 5(2) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank. The Reserve Bank has, with immediate effect, withdrawn the restrictions placed on the purchase of shares of M/s Hathway Cable & Datacom Limited stating that the company has passed necessary resolutions at the level of its Board of Directors and shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The Reserve Bank has notified this under Foreign Exchange Management Act (FEMA) 1999. Alpana Killawala
Principal Chief General Manager Press Release : 2015-2016/505 | |