Reserve Bank of India (RBI) has notified that the foreign shareholding by Non-Resident Indians (NRIs) in Southern Ispat & Energy has reached the trigger limit. Therefore, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the RBI.
Southern Ispat & Energy engages in manufacturing and trading of steel products in India. The Company's principal products include Steel Products and Mild Steel (MS) Ingots. It is also involved in the provision of contract services and offers commission agent services.