The Reserve Bank has allowed foreign institutional investors to buy up to 33 per cent of the paid-up equity capital in Great Eastern Shipping Company under the portfolio investment scheme (PIS).
"...Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 33 per cent of the paid up capital of Great Eastern Shipping Co. Limited under PIS," the RBI said in a notification.
The company has passed a special resolution to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.
FIIs, NRIs (Non Resident Indians) and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
However, the RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.
To effectively monitor the limit, the RBI has fixed cut-off points that are two percentage points lower than the actual ceiling.
Scrips of the company today closed at Rs 284.25 apiece on the BSE, down 0.37 per cent from previous close.
