The Reserve Bank of India today notified that Welspun Gujarat Stahl Rohren Limited has agreed to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) up to 49 per cent of its total paid up capital. The company has passed resolutions at the board of directors' level and the Extra-Ordinary General Meeting.

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

(i) The total purchases of all FIIs does not exceed the applicable overall ceiling limits of 49% 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/Securities and Exchange Board of India (SEBI) approved sub-account of a registered FII in the company shall not exceed 10% (Ten per cent) of the paid-up equity capital of the company. It may be ensured that the investments made are within the stipulated ceilings. The purchases should be made subject to the other terms and conditions.

J.D. Desai
Assistant Manager

Press Release : 2009-2010/116