Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Pennar Industries to 35% of its paid-up capital. RBI has notified that the foreign share holding by FIIs/Registered Foreign Portfolios Investors (RFPIs) in the company has gone below the revised threshold limit stipulated under the extant FDI Policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
The company has already passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit from 24 per cent to 35 per cent for the purchase of its equity shares and convertible debentures by FIIs.
Pennar Industries is engaged in the manufacturing of Cold Rolled Steel Strips (CRSS) and value-added products under Cold Rolled Formed Sections (CRFS) like precision tubes, engineered components, road safety systems, parts of railway coaches and Electro Static Precipitators (ESP).
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