The Reserve Bank of India has today notified that under Portfolio Investment Scheme (PIS), Foreign Institutional Investors (FIIs) can now purchase equity shares and convertible debentures of M/s. Indiabulls Power Limited (formerly Sophia Power Company Limited), through primary markets and stock exchanges upto 100% of the paid-up capital of the company under the Portfolio Investment Scheme (PIS).

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

The Reserve Bank has also notified that Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) can purchase equity shares and convertible debentures upto 24% of its paid-up capital through stock exchanges under the Portfolio Investment Scheme (PIS).

Investments made both on repatriation and non-repatriation basis, by any single NRI/PIO in the equity shares and convertible debentures should not exceed 5 percent (Five percent) of the paid-up equity capital of the bank or 5 per cent of total paid up value of each series of convertible debentures issued by the above company.

The revised FII limit of 100% and NRI limit of 24% would be within the overall 100% FDI limit, applicable to the company.

Ajit Prasad
 Manager

Press Release: 2009-2010/563