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The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) can now invest up to 35 per cent of the paid-up capital of Pennar Industries Ltd.
The Hyderabad-based Pennar Industries, which is into manufacture of cold rolled steel strips, precision tubes, engineered components and value-added products, had in September 2014 passed a special resolution enhancing the purchasing limit of its equity shares and convertible debentures by FIIs from 24 per cent to 35 per cent. The shareholders have also given their nod for the proposal made by the board of directors.
The RBI release mentioned that the FIIs/RFPIs holding in Pennar Industries has gone below the revised threshold limit stipulated under the FDI policy. Hence, the restrictions placed on the purchase of shares of Pennar Industries are withdrawn with immediate effect.
It further mentioned that with the board passing a resolution and seeking shareholders nod for increasing the limit, the purchases could be made through primary market and through stock exchanges and would be subject to FEMA regulations and other terms and conditions stipulated by RBI.
Pennar Industries shares were quoting at Rs 60.35, up 1.68 per cent on the BSE today.
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