The Reserve Bank of India has today notified that the foreign shareholding by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in M/s UPL Limited have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

The RBI further advised that FIIs/RFPIs can now invest upto 74 per cent of the paid up capital of M/s UPL Limited under the Portfolio Investment Scheme.

The Reserve Bank has stated that the company has passed resolutions at its 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 FIIs/RFPIs.

The Reserve Bank has notified this under FEMA 1999.

It may also be noted that all the approvals received against the said scrip are duly cancelled.

Ajit Prasad
Assistant General Manager

Press Release : 2014-2015/761