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The Reserve Bank of India has provided its approval to the foreign investors for buying up to 100 percent in Crompton Greaves Consumer Electricals Ltd.
RBI has said in a notification that “Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 percent of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS).”
The resolutions had been passed by the company at its Board of Director’s 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.
