The Hindu Business Line : FIIs can buy HPCL's equity shares under portfolio scheme

Foreign institutional investors can purchase equity shares of Hindustan Petroleum Corporation Ltd through secondary market in India under the Portfolio Investment Scheme (PIS) without prior clearance of the RBI, said a press release from the central bank.

The RBI said that the foreign share holdings in HPCL have gone down below the caution limit of its paid-up capital.

Other companies

FIIs can also purchase equity shares and convertible debentures of DCM Ltd (49 per cent) and PVR Ltd (40 per cent) through the primary/secondary markets in India under PIS up to the limits of the paid up capital shown against their names.

These companies have passed resolutions at the board of directors' meeting and special resolutions in their general body meeting.

However, no further purchases of Centurion Bank of Punjab's equity shares can be made on behalf of FIIs and NRIs and Persons of Indian Origin under the PIS. Centurion Bank of Punjab has reached the limit of 74 per cent of its paid-up capital.

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