The Reserve Bank of India today notified that M/s Bombay Rayon Fashions Limited (BRFL) has agreed to revise the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) to 26 per cent from 40 per cent of its total paid up capital. The company has passed a resolution at the board of directors' level and a special resolution by its shareholders to do so.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of M/s Bombay Rayon Fashions Limited (BRFL) provided :

(i) The total purchases of all FIIs do not exceed the applicable overall ceiling limits of 26% of total paid-up equity capital and total paid-up value of each series of convertible debentures of the company.

(ii) The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company does not exceed 10% (Ten per cent) of the paid-up equity capital of the company.

Alpana Killawala
Chief General Manager

Press Release: 2008-2009/1896