Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of V-Mart Retail under the Portfolio Investment Scheme (PIS). The central bank has further advised that the foreign shareholding by FIIs/RFPIs in V-Mart Retail have gone below the revised threshold limit. Accordingly, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
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.
V-Mart Retail is one of the pioneers in setting up stores across various small Indian towns and cities including Sultanpur, Ujjain, Motihari. The company primarily operates in Tier-II and Tier-III cities, with a chain of ‘value retail’ departmental stores offering apparels, general merchandise and kirana, catering to the entire family.
