No further buys of Premier shares for NRIs
The RBI said NRIs and POIs should not buy any further equity shares of Premier Explosives (PEL) from secondary markets as investment by such entities in the company has reached the ceiling.
By PTI |
MUMBAI: The Reserve Bank on Thursday said non-resident Indians and persons of Indian origin should not buy any further equity shares of Premier Explosives (PEL) from secondary markets as investment by such entities in the company has reached the ceiling.
"No further purchases of equity shares of Premier Explosives Limited should be made on behalf of NRIs and PIOs through secondary market in India without obtaining the prior permission of the Reserve Bank," the regulator said in a release.
The investment by NRIs and PIOs in PEL has reached the limit of 8 per cent of the paid up capital of PEL, it added.
PEL, a Rs 60-crore company, is one of the three major manufacturers of explosives for civil use in the country.
"No further purchases of equity shares of Premier Explosives Limited should be made on behalf of NRIs and PIOs through secondary market in India without obtaining the prior permission of the Reserve Bank," the regulator said in a release.
The investment by NRIs and PIOs in PEL has reached the limit of 8 per cent of the paid up capital of PEL, it added.
PEL, a Rs 60-crore company, is one of the three major manufacturers of explosives for civil use in the country.
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