RBI lifts restriction on equity purchase by FII in GPP
   
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RBI lifts restriction on equity purchase by FII in GPP

Last Updated: Tuesday, May 29, 2012, 19:52
 
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RBI lifts restriction on equity purchase by FII in GPP
Mumbai: The Reserve Bank on Tuesday said the limit for purchase of equity shares and convertible debentures in Gujarat Pipavav Port by foreign institutional investors through portfolio investment scheme has been enhanced to 45 percent of the paid up capital.

"The Reserve Bank of India today notified that Gujarat Pipavav Port...Agreeing to enhance the limit of 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 45 percent of its paid up capital," RBI said in a release.

The limit was enhanced after passage of resolutions by the company's board of directors and approval by shareholders at the annual general meeting, RBI said.

"The restrictions placed on the purchase of shares in respect of Gujarat Pipavav Port may be treated as withdrawn with immediate effect," it said.

PTI




First Published: Tuesday, May 29, 2012, 19:52


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