INDIA: Investment by India FIIs under PIS

Thursday December 22 2011

The Reserve Bank of India today withdrew, with immediate effect, the restrictions placed on the purchase of shares of, eClerx Services Limited, and Polaris Financial Technology Limited (formerly known as Polaris Software Lab Limited). The withdrawal of restriction came in the wake of the aggregate share holdings by India (FIIs) Foreign Institutional Investors in these companies under the Portfolio Investment Scheme having gone below the prescribed threshold limit. Both the companies have passed a resolution at the Board of Directors` level and a special resolution to this effect by their shareholders.

India Foreign Institutional Investors can now purchase under the India Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of these companies.

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