RBI allow FIIS and RFPIs can invest up to 49 percent in Gammon Infrastructure Projects Limited [ Current News (Concise) ]
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.
- Published on: June 1, 2015