The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of M/s Nandan Denim Limited (formerly NANDAN EXIM Limited) under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that Nandan Denim Limited (formerly NANDAN EXIM Limited) has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit from default 24% to 49% for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

The Reserve Bank has notified this under FEMA 1999.

Ajit Prasad
Assistant Adviser

Press Release: 2016-2017/1753