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RBI notification on FII purchase of shares in ACC

Written by: Staff
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Mumbai, May 11 (UNI) The Reserve Bank of India (RBI) today notified that no further purchases of equity shares of the Associated Cement Companies Ltd (ACC), should be made on behalf of foreign institutional investors (FIIs) through primary and secondary markets in India without obtaining the prior permission of the apex bank, a press release issued here today said.

The action follows FIIs holding in ACC reaching the limit of 22 per cent of the company's paid-up capital.

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