Grasim Industries to raise foreign investment limit to 30%
The Dollar Business Bureau Grasim Industries Ltd, an arm of Aditya-Birla group, has decided to increase the foreign investment limit from the currently approved 24 percent to 30 percent, according to a statement issued by the company. The decision, taken by the shareholders, will put into effect an stated increase in the investment limit for Registered Foreign Portfolio Investors (RFPIs)/Foreign Institutional Investors (FIIs) of the company’s equity share capital. The rise will come into effect after due approval from the Reserve Bank of India (RBI). The change has been brought about to further aid investments by the RFPIs/FIIs into the company’s equity shares. This headroom for increase will be augmented following the merger of Aditya Birla Nuvo Ltd (ABNL) with Grasim Industries, considering the level of ...
FI limit in Motherson Sumi increased to 30%
The Dollar Business Bureau Reserve Bank of India (RBI) has given its approval to foreign investors to increase their share up to 30 percent in Motherson Sumi Systems Ltd, the flagship company of the Samvardhana Motherson Group. Earlier, the limit was 24 percent. “Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can, under the Portfolio Investment Scheme (PIS), now invest up to 30 percent of the paid up capital of Motherson Sumi Systems Limited,” the central bank said in a notification. The Board of Directors of the Motherson Sumi Systems had cleared a resolution and a special resolution has been passed by the shareholders agreeing to enhance the purchase limit of company’s equity shares by RFPIs/FIIs. Through PIS, the FIIs, NRIs and Persons of Indian Origin ...
RBI allows 100% FII in Crompton Greaves Consumer Electricals
The Dollar Business Bureau The Reserve Bank of India has allowed foreign investors to buy 100% in Crompton Greaves Consumer Electricals Ltd (CGEL). In a notification released to the press RBI said, “Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 per cent of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS).” The company, Crompton Greaves had passed special resolutions in its Board of Directors meeting and in its shareholders’ meeting, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures through FII’s and RFPI’s. Mention needs to be made of the attempt made in May by private equity firm Advent International Corp and the famed Singapore state ...
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (11th Amendment) Regulations, 2015
Dated November 16th, 2015 | Copy of | Notification No.FEMA.355/2015-RB | In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May, 2000) namely:- 1. Short Title & Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Eleventh Amendment) Regulations, 2015. (ii) They shall come into force from the date of publication in the Official Gazette. 2. ...
