Mumbai, May 14 (UNI) Reality developers Mahindra Gesco today said their Board of Directors have approved the overall limit for foreign institutional investors (FIIs) holding upto 30 per cent of their total paid-up equity capital and said the holdings of FIIs in the company has reached 26.7839 per cent It may be recalled here that the Reserve Bank of India (RBI) had earlier notified that FIIs can now purchase equity shares of Mahindra Gesco Developers Limited through primary markets and stock exchanges in India upto 30 per cent of its paid-up equity capital, under the Portfolio Investment Scheme (PIS).
The Central Bank had then informed the company that they would be monitoring the FII investments under PIS at sectoral cap/statutory ceiling as applicable and not at the intermediate ceiling fixed by the company.
In view of this development Mahindra Gesco in an official statement to the National Stock Exchange (NSE) clarified that as per the latest download of beneficiary positions made available to the company by the depositories (NSDL&CDSL), last week, the holdings of FIIs in the company has reached 26.7839 per cent of the paid-up equity capital.
The same has also been confirmed by the Registrars&Share Transfer Agents of the company, Mahindra Gesco added.
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The Central Bank had then informed the company that they would be monitoring the FII investments under PIS at sectoral cap/statutory ceiling as applicable and not at the intermediate ceiling fixed by the company.
In view of this development Mahindra Gesco in an official statement to the National Stock Exchange (NSE) clarified that as per the latest download of beneficiary positions made available to the company by the depositories (NSDL&CDSL), last week, the holdings of FIIs in the company has reached 26.7839 per cent of the paid-up equity capital.
The same has also been confirmed by the Registrars&Share Transfer Agents of the company, Mahindra Gesco added.
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