Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Pipavav Defence and Offshore Engineering to 12% of its paid-up capital. RBI has notified that Registered Foreign Portfolios Investors (RFPIs)/FIIs/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of Pipavav Defence and Offshore Engineering under the Portfolio Investment Scheme (PIS). The company has passed resolutions at its Board of Directors and shareholders’ level for allocating the sub limits for the purchase of its equity shares by RFPI/FII/QFIs/NRI/PIOs.
Pipavav Defence and Offshore Engineering Company is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).
