INDIA: India foreign investment limits increased in IRB Infrastructure Developers Ltd and Radico Khaitan Limited

Tuesday February 5 2013

The Reserve Bank of India has notified that M/s IRB Infrastructure Developers Ltd and M/s Radico Khaitan Limited have passed resolutions at the Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the India foreign investment limit for the purchase of its equity shares and convertible debentures by FIIs, through primary market and stock exchanges: (1) Up to 49% (M/s IRB Infrastructure Developers Ltd) and (2) Up to 30% (M/s Radico Khaitan Limited) of the paid up capital of the company under Portfolio Investment Scheme.

Since 49% for M/s IRB Infrastructure Developers Ltd & 30% for M/s Radico Khaitan Limited are intermediate ceilings fixed for the FIIs by the above companies, the Reserve Bank will not be monitoring the same and it will be the company’s responsibility to ensure that the applicable cap is not breached.

Click on the above link for the RBI press release.