RBI Allow FIIS and RFPIs Can Invest up to 49 Percent in Gammon Infrastructure Projects Limited

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The Reserve Bank of India (RBI) allowed that the Foreign Institutional Investors (FIIs) or the Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 % of the paid up capital in the Gammon Infrastructure Projects Limited under the Portfolio Investment Scheme (PIS) . RBI notified that the company agreed for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs by passing resolutions at its Board of Directors՚ level and a special resolution by the shareholders.

  • According to the RBI, the purchases will be subjected to Regulation 5 (2) of FEMA Notification dated 3 May 2000 and other terms and conditions stipulated by the Reserve Bank.
  • It can be made through primary market and through stock exchange and The Reserve Bank notified this change under FEMA Act, 1999.
  • RBI established on 1 April 1935 and its headquarters in Shahid Bhagat Singh Marg Mumbai. At present governor of RBI is Raghuram Rajan.
  • RBI deals many policies such as Agricultural, Economic, Energy, Industrial, Investement, Social, Trade, Fiscal, Monetary, Fiscal policy and monetary Policy of the Indian Rupee etc. .
  • The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors: the Governor (Dr. Raghuram Rajan) , 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements from India՚s economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.

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