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The Reserve Bank of India has provided its approval to Aditya Birla Group firm Grasim Industries for raising foreign shareholding to 49 percent from the existing limit of 30 percent.
The company has said in a BSE filing that the RBI has notified that foreign institutional investors/foreign portfolio investors can now invest from 30 percent to 49 percent of the paid up capital of Grasim Industries Limited under the portfolio investment scheme (PIS).
It added that Grasim Industries has passed necessary resolution at the board of directors’ level and also a special resolution by its general body for increasing FIIs/FPIs’ investment limit to 49 percent.
