Press Releases

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Date : Sep 11, 2009
Investment by FIIs under PIS : M/s SPANCO Limited

The Reserve Bank of India today notified that M/s SPANCO Limited has agreed to enhance the limit for investments by purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) under the Portfolio Investment Scheme to 49 per cent of its paid up capital. The company has passed a resolution at the board of directors' level and at the Extra-Ordinary General Meeting.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of M/s SPANCO Limited provided :

  1. The total purchases of all FIIs does  not exceed the applicable overall ceiling limits of 49 per cent of total paid-up equity capital and total paid-up value of each series of convertible debentures of the company.

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

Ajit Prasad
Manager

Press Release : 2009-2010/413

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