Investment by FIIs under PIS : M/s. Sobha Developers Limited

Investment by FIIs under PIS : M/s. Sobha Developers Limited
The Reserve Bank of India today notified that M/s. Sobha Developers Limited has agreed to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges, under the Portfolio Investment Scheme up to 100 per cent of its total paid up capital. The company has passed a resolution at the board of directors’ level and extra-ordinary general meeting by its shareholders to do so.
Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares of M/s. Sobha Developers Limited, provided :
(i) The overall limit for FII’s purchases has now been raised to 100 per cent. The revised FII limit of 100 per cent is within the overall 100 per cent FDI limit applicable to the company.
(ii) The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company does not exceed 10% (Ten per cent) of the paid-up equity capital of the company.