RBI allows foreign investors to buy up to 49% in Ponni Sugars

Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Qualified Foreign Investors (QFls)/Non Residential Indians (NRIs)/Person of Indian Origin (PIO) can now invest up to 49 per cent of the paid up capital of Ponni Sugars (Erode) under the Portfolio Investment Scheme (PIS).

RBI has further advised that the aggregate limit for NRI investment shall not exceed 24% within the overall limit of 49%. 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/QFls/NRIs/PIO.

Ponni Sugars (Erode) is an efficient and quality producer of sugar, catering to both domestic and international markets. The company is engaged in the manufacturing of sugar and it’s by products. It manufactures cane sugar, cane molasses and bagasse.