The Reserve Bank of India today notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 35 per cent (revised from earlier 24 per cent) of the paid up capital of M/s CMC Limited under the Portfolio Investment Scheme (PIS). M/s CMC Limited has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs).

The Reserve Bank further notified that the foreign share holding by FIIs in M/s CMC Limited have gone below the revised threshold limit stipulated under the extant FDI policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/2268