Financial Daily from THE HINDU group of publications
Friday, Jun 02, 2006
Financial Daily from THE HINDU group of publications Friday, Jun 02, 2006 |
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Foreign Direct Investment Info-Tech - Telecommunications Industry & Economy - Regulatory Bodies & Rulings DoT seeks time to examine Reliance, Bharti proposals Our Bureau
Seeking approval RCVL, Bharti Tele have sought to hike foreign holding up to 74 pc. RCVL have sought approval to buy and sell 74 pc of the company's shares by FIIs under the PIS scheme.
New Delhi , June 1 Proposals of Reliance Communication Ventures Ltd (RCVL) and Bharti Tele-Venture Ltd (BTL) to increase foreign holding up to 74 per cent have been stuck at the Foreign Investment promotion Board (FIPB) with the Department of Telecom seeking more time for further examination. Reliance Communication has sought approval for increase in limit for purchase and sale of up to 74 per cent of the company's stake in shares and convertible debentures from the market by foreign institutional investors under the Portfolio Investment Scheme.
The foreign share holding of the company as on March 2006 was 26.17 per cent out of which FIIs were holding 19.85 per cent. When the proposal came up in the last FIPB meeting, the DoTsought deferment stating that it is still examining it. On DoT request the board deferred any decision, sources said. In the case of Bharti Tele-Venture, the reason for deferment relates to the company's existing foreign holding structure. Its proposal to allow foreign equity participation up to a maximum of 74 per cent amounting to Rs 1,850 crore in the equity capital of up to Rs 2,500 crore to be subscribed by 10 foreign companies as well as NRIs/OCBs/FIIs has also been deferred following the DoT request, sources said.
Related Stories: More Stories on : Foreign Direct Investment | Telecommunications | Regulatory Bodies & Rulings
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