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Gujarat Ambuja board raises limit for FII, OCB shareholding
Our Bureau
Mumbai
,
Jan. 31
THE board of directors of Gujarat Ambuja Cements Ltd has increased the 40 per cent combined investment limit for foreign institutional investors, non-resident Indians and overseas corporate bodies to 50 per cent in the company.
The limit for FIIs is 40 per cent while the combined limit for NRIs, OCBs, and Persons of Indian Origin is 10 per cent. The board had secured the approval of the shareholders in 2001, said the company in its notice to the stock exchanges.
According to a senior executive of the company, this has been done only to make the stock more liquid and available for buying and selling, so that "other foreign bodies seeking to invest in the company do not have to seek permission."
"We see a lot of scrips in which buying is closed to foreign investors on account of the foreign investment limits being exhausted," he said. Recently Gujarat Ambuja entered into an agreement with Swiss cement company Holcim that would allow the foreign major an eventual 67 per cent stake in the GACL-promoted Ambuja Cements India Ltd.
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