The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from up to 30 per cent of the paid up capital of M/s Grasim Industries Limited under the Portfolio Investment Scheme (PIS).
The Reserve Bank has stated that M/s Grasim Industries Limited has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit from default 24% to 30% for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
The Reserve Bank has notified this under FEMA 1999.
Source: RBI Press Release# 2016-2017/1111 dated 4th November 2016