MickHill - China Automobile Expert-CNAUTO

Mumbai: The Reserve Bank of India has allowed foreign investors to buy up to 45% of Apollo Tyres’ paid-up capital. The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) can now purchase up to 100% of their investment in Tires Ltd. in Apolloolo through the Primary Market for Portfolio Investments (PMPI) and Stock Exchange Purchases. Scheme (PIS) 45% of the paid up capital. ‘ The tire manufacturer has agreed to increase the limit for purchase of FII/RFPI equity and convertible debentures from 40% to 45% through a board resolution and a special resolution. Foreign Institutional Investors (FIIs), Registered Foreign Portfolio Investors (RFPIs) and NRI PIOs (of Indian origin) can invest in India’s primary and secondary capital markets through PIS. The Reserve Bank of India monitors the FII/NRI/PIO investment limits of Indian companies on a daily basis. For effective monitoring of limit...

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FIIs can buy up to 45% stake in Apollo Tyres: RBI