Foreign Institutional Investor’s (FII) holding in Mahindra Lifespace Developers, the real estate and infrastructure development arm of the $15.4 billion Mahindra Group, has reached 27.94% of the paid-up equity capital of the company as on February 08, 2013. This is as per the latest download of beneficiary position made available to the company by the Depositories (NSDL and CDSL) and as confirmed by the Registrar & Share Transfer Agents of the company.
Earlier, the company’s shareholder’s resolution dated August 10, 2005 had approved the overall limit for FIIs holding in the share capital of the company up to 30% of the paid-up equity capital of the company. The Reserve Bank of India has notified on September 20, 2005 that FIIs can now purchase under Portfolio Investment Scheme (PIS) equity shares of the company through primary markets and stock exchanges in India up to 30% of its paid up equity capital.
Further, RBI has informed the company via letter dated September 20, 2005 and December 07, 2006 that RBI will be monitoring the FII investments under PIS at sectoral cap/statutory ceiling as applicable and not at the intermediate ceiling fixed by the company.
Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.