RBI permits FIIs to buy 49 per cent stake in Paramount

Mumbai, May 7 (UNI) The Reserve Bank of India (RBI) today permitted Foreign Institutional Investors (FIIs) to buy equity shares and convertible debentures up to 49 per cent in Paramount Cables.

The FIIs, under Portfolio Investment Scheme (PIS), can now purchase equity shares and convertible debentures of Paramount Cables, through primary markets and stock exchanges in India, up to 49 per cent of the paid up capital, which includes a sub-limit of 10 per cent for Non Resident Indian (NRI), the Central Bank said in a release here.

RBI's decision follows resolutions passed by Board of Directors and the Extra-Ordinary General Meetings allowing FIIs to purchase more equity and convertible debentures.

UNI