Financial Daily from THE HINDU group of publications
Wednesday, Dec 31, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 31, 2003 |
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Markets
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Foreign Institutional Investors Tata Motors to raise FII investment limit Our Bureau
Mumbai , Dec. 30 TATA Motors Ltd is raising the limit of investment by foreign institutional investors (FIIs) to 35 per cent from the current level of 22 per cent. The company has informed BSE that it is seeking shareholders' approval through postal ballot for raising of limit for FII investment. According to a company official, this is primarily to enable higher FII investment in the company at a time where foreign institutional investor interest in Tata Motors is picking up. "FIIs have been actively buying the Tata Motor stock. If FIIs want to invest in Tata Motors past the 22 per cent limit they have to seek RBI approval each time. This decision to raise the limit is in the nature of an enabling resolution," he said. At the end of Sept 2003 quarter, promoter holding in Tata Motors stood at 32.1 per cent, MFs 5.98 per cent, banks, FIs and insurance companies 11.64 per cent, FIIs 19.61 per cent, private corporate bodies 10.08 per cent, NRIs 1.06 and public 14.77 per cent.
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