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FMCG firm, Dabur India Ltd today said its board of directors have approved increasing the investment limit for Foreign Institutional Investors (FIIs) in the company to 30% from 24% at present.
"By way of passing resolutions by circulation and subject to the approval by the shareholders of the company approved for increase in the investment limit for foreign institutional investors (FIIs) up to 30%," Dabur said in a BSE filing.
The board of directors through a postal ballot approved the proposal.
"With increased participation by FIIs in the Indian capital market, we have decided to increase the FII investment limit to 30% for investment in company's capital under the Portfolio Investment Scheme (PIS)," Dabur India Ltd Group Director P D Narang said in a statement.
Currently, FIIs hold around 21% shares of the company, which is likely to exceed 24% very shortly, Dabur said in a statement.
Dabur would be seeking consent of the shareholders by postal ballot, it added.
