Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest upto 40% of the paid up capital of HSIL (hindware) under the Portfolio Investment Scheme (PIS). The company has already 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 FIIs/RFPIs.
HSIL is one of the leading domestic players in container glass and building products segments. Under the second segment, the company manufactures and trades in sanitaryware products, faucets and wellness products. It has five manufacturing facilities in India, of which three are located in Andhra Pradesh, one in Rajasthan and one in Haryana.