RBI allows 100 pc foreign investment in Crompton Greaves Consumer Electricals

09 September, Mumbai

Reserve Bank of India (RBI) has allowed foreigninvestors to buy up to 100 per cent in Crompton Greaves ConsumerElectricals Ltd.

”Foreign Institutional Investors (FIIs)/Registered ForeignPortfolios Investors (RFPIs) can now invest up to 100 per cent ofthe paid up capital of Crompton Greaves Consumer Electricals Limitedunder the Portfolio Investment Scheme (PIS), ”RBI notification said.

The company had passed resolutions at its Board of Directors’ leveland a special resolution by the shareholders, agreeing for enhancingthe limit for the purchase of its equity shares and convertibledebentures by FIIs/RFPIs.As of June 2016, the promoter group held 34.38 per cent in thehousehold appliances maker, while the rest was held by public.