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Government Approves two Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 2.19 Crore Approximately

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Capital Market
Last Updated : Jun 14 2016 | 5:01 PM IST
Based on the recommendations of Foreign Investment Promotion Board in its 235thmeeting held on 20th May 2016, the Government has approved two FDI proposals involving FDI of Rs. 2.19 crore, and recommended one proposal for approval of the Cabinet Committee on Economic Affairs.

First approval was sort by Aurobindo Pharma for FDI of Rs 2.19 crore for the following categories:

(i) Grant of ESOPs to non-resident employee of Aurobindo Pharma Limited, after issue of Press Note 3 of 08.11.2011, which remained unexercised as on 11.06.2015, and against which no shares were issued upto as on 11th June 2015,(which could be vested and exercised later on and shares issued against them at that stage), totalling to 2,42,600 ESOPs and exercise amount aggregating to INR 1,11,11,080/-.

(ii) Grant of ESOPs to non-resident employee of Aurobindo Pharma Limited, after issue of Press Note 3 of 8 November 2011, which were exercised and shares issued against them after 8 November 2011 but before 11 June 2015, totalling to 1,18,700 ESOPs and the exercise amount aggregating to INR 1,08,72,920/-

Second approval has been sought by Sterling Commerce for acting as an Investing company for:

a) Curan software international Private Limited, Emptoris Technologies India Private Limited, Kenexa technologies Private Limited and Rational Software Corporation (India), which are currently owned by Overseas companies of IBM and currently dormant companies.

b) From time to time act as an investing company for companies undertaking software development, technologies services or those which have become dormant pursuant to transfer of their business to IBM India.

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First Published: Jun 14 2016 | 4:43 PM IST

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