RBI allows foreign investors to buy upto 49 per cent in V-Mart Retail

The Reserve Bank of India has permitted foreign institutional investors to buy upto 49 percent skate in Indian retail giant, V-Mart.
V-Mart

The Reserve Bank of India has permitted foreign institutional investors to buy upto 49 percent skate in Indian retail chain store, V-Mart. 
As per RBI, "Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of V-Mart Retail Limited under the Portfolio Investment Scheme (PIS)."
The central bank said the foreign shareholding by FIIs/RFPIs in V-Mart Retail has gone below the revised threshold limit.
"Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," it added.
As of quarter ended September 2015, FIIs held 23.09 per cent in V-Mart, according to BSE data.
The company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs, RBI said.

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