FIIs/RFPIs/QFls/NRIs/PIO can now invest up to 49 per cent under PIS in M/s Ponni Sugars Erode Limited
February, 25th 2016
The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Qualified Foreign Investors (QFls)/Non Residential Indians (NRIs)/Person of Indian Origin (PIO) can now invest up to 49 per cent of the paid up capital of M/s Ponni Sugars Erode Limited under the Portfolio Investment Scheme (PIS).
The Reserve Bank has further advised that the aggregate limit for NRI investment shall not exceed 24% within the overall limit of 49%.
The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by
FIIs/RFPIs/QFls/NRIs/PIO. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) & 5(3) 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.