FIIs cannot invest in IFCI: RBI
Reserve Bank on Tuesday said foreign institutional investors cannot purchase shares of Delhi-based IFCI as foreign exposure has reached the trigger limit of 22 per cent of its paid up capital.
By PTI |
MUMBAI: Reserve Bank on Tuesday said foreign institutional investors cannot purchase shares of Delhi-based IFCI as foreign exposure has reached the trigger limit of 22 per cent of its paid up capital.
No fresh investment can be made by FIIs in the company without obtaining prior permission, RBI said in a release.
IFCI last week decided it will invite preliminary bids for inducting a strategic partner from August 13.
The board had approved the draft report submitted by consultant Ernst & Young on induction of a strategic investor to revive its business.
The company would shortlist investors and invite final bids by October. The process is likely to be completed by January 2008.
IFCI may go for a partner that brings in money as well as new product strategy to position it as a viable business proposition in the long-term.
No fresh investment can be made by FIIs in the company without obtaining prior permission, RBI said in a release.
IFCI last week decided it will invite preliminary bids for inducting a strategic partner from August 13.
The board had approved the draft report submitted by consultant Ernst & Young on induction of a strategic investor to revive its business.
The company would shortlist investors and invite final bids by October. The process is likely to be completed by January 2008.
IFCI may go for a partner that brings in money as well as new product strategy to position it as a viable business proposition in the long-term.
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