Reserve Bank of India has allowed foreign investors to buy up to 100 per cent in Crompton Greaves Consumer Electricals Ltd.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 per cent of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS),” RBI said in a notification.
The company had 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/RFPIs.
As of June 2016, the promoter group held 34.38 per cent in the household appliances maker, while the rest was held by public.
Shares of the company closed 2.36 per cent down at Rs 163.65 on BSE.