The Reserve Bank of India (RBI) on 27 May 2015 notified that the Foreign Institutional Investors (FIIs) or the Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 percent of the paid up capital in the Gammon Infrastructure Projects Limited under the Portfolio Investment Scheme (PIS).
RBI stated that the company agreed for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs by passing resolutions at its Board of Directors’ level and a special resolution by the shareholders.
The purchases can be made through primary market and through stock exchange. However, the purchases will be subjected to Regulation 5(2) of FEMA Notification dated 3 May 2000 and other terms and conditions stipulated by the Reserve Bank.
The Reserve Bank notified this change under FEMA Act, 1999.
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