RBI allows 100 % FII stake in Indiabulls Infrastructure and Power
21 Jan 2012
The Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to own 100 per cent of the company's paid-up capital, through both the primary market and stock exchanges.
Foreign institutional investors (FIIs) and non-resident Indians (NRIs) and persons of Indian origin (PIOs) can now purchase equity shares and convertible debentures of Indiabulls Infrastructure and Power Limited under the portfolio investment scheme, the Reserve Bank of India (RBI) said in a notification today.
NRIs and PIOs may, through primary market and stock exchanges, acquire up to 24 per cent of the paid-up capital of the company, RBI said in its notification.
The board of directors of Indiabulls Infrastructure and Power Limited has received shareholders' approval for a special resolution to enhance the limit for purchase of its equity shares and convertible debentures by these investors, the company said in a filing with the Bombay Stock Exchange (BSE).
Foreign institutional investors, non-resident Indians, and persons of indian origin are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).
Under this scheme, FIIs / NRIs can acquire shares / debentures of Indian companies through the stock exchanges in India.
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