RBI allows 100% foreign investment in CG Consumer Electricals
RBI allows 100% foreign investment in CG Consumer Electricals
Reserve Bank of India (RBI) has allowed foreign investors to buy up to 100% in Crompton Greaves Consumer Electricals.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS)," RBI said in a notification.
The company had 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.
As of June 2016, the promoter group held 34.38% in the household appliances maker, while the rest was held by public.
The shares of Cromption Greaves closed 2.36% down at Rs 163.65 on BSE on Thursday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.