Reserve Bank of India (RBI) has hiked Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in Visa Steel to 74% from 24%.
Further, it is notified that the NRI investment limit under Portfolio Investment Scheme in the company has increased from 10% to 24% of its paid up capital. Visa Steel has passed necessary resolutions of its Board of Directors and General Body as required under the FEMA, 1999 and the regulations framed thereunder.
Further, owing to the increase in the investment limit, it is notified that the aggregate shareholding by FIIs/FPIs in Visa Steel has gone below the prescribed FIIs/FPIs investment limit for the company. Hence, the restrictions placed on the purchase of shares of the company by FIIs/FPIs are withdrawn with immediate effect.
Visa Steel is a flagship company of the Visa Group, which has business interests in Steel, Power, Cement, International Trading and Urban Infrastructure etc. The Company is a leading player in the Special Steel, Ferro Chrome and Metallurgical Coke Business in India.
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