Reserve Bank of India (RBI) has notified that the aggregate net purchases of the equity share in Prajay Engineers Syndicate by Non Resident Indians (NRIs)/ Persons of Indian Origin (PIOs) in primary/secondary markets has reached the trigger limit and has been included in the ban list of the RBI for purchase of equity shares by NRI/PIOs. Accordingly, no further purchases of the shares of Prajay Engineers Syndicate would be allowed through stock exchanges on behalf of NRI/PIOs.
Prajay Engineers Syndicate is engaged in the development and construction of residential and commercial properties in Hyderabad and Secunderabad, India. The company commenced operations in the real estate sector by building low cost residential buildings. It then diversified into high-end apartments, commercial complexes, hospitality ventures, malls, IT parks and large format high-end integrated townships.
