Investment by FIIs under PIS : M/s. IVRCL Assets & Holdings Limited

The Reserve Bank of India today notified that M/s. IVRCL Assets & Holdings Limited has agreed to enhance the limit for the purchase of its equity shares, preference shares (mandatorily and fully convertible) and debentures (mandatorily and fully convertible) by foreign institutional investors (FIIs), through the primary market and stock exchanges, under the portfolio investment scheme (PIS) up to 49 per cent of its total paid up capital. The company has passed a resolution at the Board of Directors’ level and a special resolution to this effect by the shareholders.

FIIs can now purchase under the portfolio investment scheme through the primary market and stock exchanges, equity shares, preference shares (mandatorily and fully convertible) and debentures (mandatorily and fully convertible) of M/s. IVRCL Assets & Holdings Limited, provided :

1. The total purchases by all FIIs does not exceed the applicable overall ceiling limits of 49 per cent of total paid-up equity capital and total paid-up value of each series of convertible debentures of the company.

2. The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company does not exceed 10% (ten per cent) of the paid-up equity capital of the company.

Sabeeta Badkar
Assistant Manager

Press Release : 2010-2011/1133