Mumbai, Apr 3 (UNI) Federal Bank Ltd has passed resolutions with regard to raisng of investment limits of FIIs to 49 per cent and that of NRIs to 24 per cent, as per Reserve Bank of India notification.
The FII and NRI holding is subject to a stipulation that overall foreign investments shall not exceed the sectoral cap of 74 per cent..
The Bank informed the BSE today that, now, its equity shares and convertible debentures can be purchased, provided, the total purchases of all FIIs do not exceed the ceiling limit of 49 per cent of the total paid-up capital and 49 per cent of the each series of convertible debentures (convertible debentures are ones which can be converted into equity shares).
Similarly, the purchase of Bank's equity shares and convertible debentures by NRIs should not exceed 24 per cent of the paid-up value of each series of convertible debentures.
UNI VS KD AG1650