Su-Raj Diamonds raises FII limit to 49 per cent: RBI
30 Mar 2010
Su-Raj Diamonds and Jewellery Limited has agreed to raise the aggregate ceiling for purchase of its equity shares and convertible debentures by foreign institutional investors (FIIs), through primary market and stock exchanges, under the portfolio investment scheme up to 49 per cent of its total paid-up capital, the Reserve Bank of India (RBI) notified today.
The board of directors of the company as also its shareholders have approved a special resolution in this regard, RBI said.
FIIs can now purchase equity shares of Su-Raj Diamonds and Jewellery Limited under the portfolio investment scheme through primary market and stock exchanges, provided:
The total purchases by all FIIs does not exceed the applicable overall ceiling of 49 per cent of total paid-up equity capital and total paid-up value of each series of convertible debentures of the company, RBI said.
The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company should not, however, exceed 10 per cent of the paid-up equity capital of the company.
Su-Raj Diamonds and Jewellery Limited is engaged in the manufacture and export of gold, silver and platinum jewellery studded with diamonds, colour stones and semi precious stones as well as plain jewellery.
The company also manufactures and exports polished diamonds.
The company sells its entire products in the international markets through its extensive marketing network. It has a long-term relationship with its customers.
Su-Raj Diamonds NV, a subsidiary of the company at Antwerp, Belgium, is engaged in diamond trading. Other subsidiaries include Su-Raj Diamonds & Jewellery DMCC, Su-Raj Diamonds & Jewelry USA, Inc, and Su-Raj Diamond (HK) Limited.
The company, with ISO certified units at Bangalore and Chennai, is a Star Trading House and a nominated agency for import of bullion in India.
