The Reserve Bank of India has today notified that Registered Foreign Portfolios Investors (RFPIs)/Foreign Institutional Investors (FIIs)/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of M/s Pipavav Defence and Offshore Engineering Limitedunder the Portfolio Investment Scheme (PIS). The Reserve Bank has stated that the company has passed resolutions at its Board of Directors and shareholders’ level for allocating the sub limits for the purchase of its equity shares by RFPI/FII/QFIs/NRI/PIOs. The purchases could be made through primary market and stock exchanges and 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 notified this under FEMA 1999. Ajit Prasad
Assistant General Manager Press Release : 2015-2016/1170 | |