The Hindu Business Line : Raising FII limit: MphasiS calls EGM on May 12

MPHASIS BFL Software Ltd is seeking shareholders' approval to increase the limit on the foreign institutional investors (FII) holding in the company to 100 per cent from the present 24 per cent.

The company has called for an extraordinary general meeting on May 12 to seek the shareholders' approval to hike the FII limit to 100 per cent, said Mr Ravi Ramu, Chief Financial Officer, MphasiS BFL.

The FII holding in MphasiS BFL as on March 31, 2004 stood at close to 22 per cent.

The Reserve Bank of India on Saturday stalled the further buys of shares of MphasiS BFL by FIIs as the FII holding in the firm has reached a trigger limit of 22 per cent of its paid-up capital.

The RBI in a notification said that no further purchases of MphasiS BFL's equity shares should be made on behalf of FIIs through primary/secondary markets in India without its prior permission.

During the March quarter, FIIs have increased their holdings in MphasiS BFL by 3.81 per cent to 21.65 per cent as against 17.84 per cent in the quarter ended December 31, 2003.

The FIIs who have hiked their stakes in MphasiS include HSBC Global Investment Fund Mauritius Ltd, William Blair and Co LLC, Aberdeen International India Opportunities Fund, Credit Lyonnais (Singapore) Merchant Bankers and J.P.Morgan among others.

The private corporate bodies (PCBs) that held a majority stake in the company have reduced their holding marginally during the quarter.

Winterfall pared its exposure in MphasiS BFL to seven per cent, down from 16.90 per cent in the previous quarter. The public holding in the company has increased marginally to 5.3 per cent in March quarter, up from 4.96 per cent in the previous quarter.

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