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New Delhi, Nov. 17

The Reserve Bank of India has allowed Foreign Institutional Investors (FII) to increase their exposure to up to 100 per cent in Delhi-based Unitech. The company had earlier passed resolution to this effect at the Board of Directors’ and the Extra-Ordinary General meetings. This is, however, only an enabling resolution, as the company’s promoters hold majority stake. “The RBI has notified that under Portfolio Investment Scheme (PIS), investors can now purc hase equity shares and convertible debentures of Unitech Ltd, through primary markets and stock exchanges in India up to 100 per cent in case of FII investment; and up to 24 per cent for NRI/PIO investment,” an RBI release said here. –

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FII ceiling in Unitech hiked to 100%

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