The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) from default can now invest from existing 24 per cent up to 40 per cent of the paid up capital of M/s Hindustan Petroleum Corporation Ltd. (HPCL) under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that the company has passed resolution 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 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: 2016-2017/341