Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to buy up to 49% stake in Eveready Industries under the Portfolio Investment Scheme. The FII limit in the company was 16.29% earlier.
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 FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
Eveready is the market leader of dry cell batteries selling more than 1.2 billion units annually. Apart from dry cell batteries, Eveready is also the market leader in flashlights selling in excess of 26 million units per year.
