The government has permitted foreign investments
of up to $250 million (Rs1,050 crore) in projects of
DHFL Venture Capital Fund Pvt Ltd, whose principal shareholders
include Dewan Housing Finance Corporation Ltd.
cabinet committee on economic affairs (CCEA) gave its
approval for overseas investments in Class B units of
Dream II scheme of the Mumbai-based venture capital
investors can make investments through one or more special
purpose companies or their subsidiaries in the Dream
II scheme, an official release issued after the CCEA
approval would be subject to compliance of venture capital
regulations, Press Note 9 of 99 series for downstream
investment and Press Note 2 of 2005 series for construction
development activities, it said.
II scheme proposes to issue four classes of units. While
Class A units will be issued to only domestic investors
Class B units will be offered to offshore investors.
CCEA meeting also cleared a proposal of the GVK Power
and Infrastructure Ltd (GVKPIL) to issue over 78 lakh
shares aggregating to a total of $500 million to NRI
shareholders of its sister concern GVK Industries Ltd
will issue and allot 78,58,388 equity shares of Rs10
each to non-resident shareholders of GVKIL amounting
to up to 7.63 per cent of the post issue paid-up equity
share capital of GVKPIL, the CCEA release said.
This would be in consideration for transfer of NRI shareholders
respective shares in GVKIL to GVKPIL in the ratio of
40:3, under which NRI shareholders would be given three
shares of GVKPIL for every 40 shares they hold in GVKIL.