Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 40 per cent of the paid up capital of Panyam Cements & Mineral Industries under the Portfolio Investment Scheme (PIS). 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.
With this, the foreign share holding by FIIs, in Panyam Cements & Mineral Industries has gone below the revised threshold limit. Accordingly, the restrictions placed on the purchase of shares of the company by FIIs are withdrawn with immediate effect.
