Foreign investors can hold 100 per cent stake in Indiabulls Power: RBI news

Foreign institutional investors (FIIs) can now purchase
up to 100 per cent of the paid-up capital, including equity
shares and convertible debentures, of Indiabulls Power
Limited (formerly Sophia Power Company Limited),
through primary markets and stock exchanges under
the portfolio investment scheme (PIS), the Reserve Bank
of India (RBI) said in a notification today.

The purchases of equity shares by a single FII/SEBI approved
sub-account of a registered FII in the company should, however,
not exceed 10 per cent of the paid-up equity capital of the company.

The Reserve Bank has also notified that non-resident Indians
(NRIs)/persons of Indian origin (PIOs) can purchase equity shares
and convertible debentures up to 24 per cent of its paid-up capital
through stock exchanges under the portfolio investment scheme (PIS).

Investments made both on repatriation and non-repatriation basis,
by any single NRI/PIO in the equity shares and convertible
debentures should not exceed 5 per cent of the paid-up equity
capital of the bank or five per cent of total paid-up value of each
series of convertible debentures issued by the above company.

The revised FII limit of 100 per cent and NRI limit of 24 per cent
would be within the overall 100 per cent FDI limit, applicable to the company.