RBI allows FIIs to buy Escort shares under PIS

Mumbai, June 11 (UNI) The Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to purchase equity shares and convertible debentures of Escorts Limited under Portfolio Investment Scheme (PIS) through primary market and stock exchanges in India.

The RBI has notified that the purchases can be made upto 49 per cent of the paid up equity capital. The purchases of equity shares by a single FII or SEBI approved sub-account of a registered FII should not exceed 10 per cent of the paid up capital of the company, the SEBI clarified.

UNI