NEW DELHI, Mar 14: Reserve Bank of India (RBI) has allowed Foreign Institutional Investors (FIIs) to buy shares in Zen Technologies, as the foreign shareholding in the company has gone below the revised threshold limit.
RBI has notified that FIIs,Registered Foreign Portfolios Investors (RFPIs) can invest up to 20 per cent and Non Resident Indian (NRI),Persons of Indian Origin (PIO) can invest up to 4 per cent of the paid up capital of Zen Technologies under the Portfolio Investment Scheme (PIS).
The company has already passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, for allocating the sub limits for the purchase of is equity shares and convertible debentures by FIIs and RFPIs. Zen Technologies, over the years, has developed expertise in designing, developing and manufacturing various types of simulators.
The purchases could be made through primary market and stock exchanges and would be subject to Regulation of FEMA notification and other terms and conditions stipulated by the Reserve Bank.
(UNI)
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