RBI allows Hexa Tradex to increase FII limit to 74%

Reserve Bank of India (RBI) has allowed Hexa Tradex to raise its foreign investment limit up to 74% of paid-up capital.  RBI has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. The purchases could be made through primary market and through stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20 dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank. Hexa Tradex is a part of the USD $ 18 billion O.P. Jindal Group, one of the country's topmost industry houses and the foremost indigenous steel producers and exporters. The company aims to meet the high expectations of local and international clients, and to enhance the investment and trade service industry across the globe.