Reserve Bank of India (RBI) has notified that the Non-Resident Indians (NRI)/Persons of Indian Origins (PIOs) can now invest up to 24% of the paid up capital of Selan Exploration Technology under the Portfolio Investment Scheme. The company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by NRI/PIOs.
RBI has further notified that the foreign shareholding by NRI/PIOs in Selan Exploration Technology have gone below the revised threshold caution limit. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Selan Exploration Technology engaged in the field of seismic data acquisition, which is an integral par t of oil & gas exploration. Based on its performance and its technical expertise, the company was awarded a contract to develop three discovered oil fields in Ahmedabad area of Gujarat State by the Ministry of Petroleum and Natural Gas, Government of India.
