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RBI allows foreign funds in 3 cos

RBI has allowed FII's to purchase equity shares and debentures of Sanghvi Motors, Cipla and India Cements.

india Updated: May 10, 2006 00:32 IST

The Reserve Bank of India (RBI) on Tuesdayallowed foreign investors to purchase equity shares and debentures of Sanghvi Motors Ltd, Cipla Ltd and India Cements Ltd.

Foreign Institutional Investors (FIIs) can now purchase equity shares and convertible debentures of these companies upto the limits of their paid up capital, under the Portfolio Investment Scheme(PIS), the central bank said.

These companies have passed resolutions to this effect at their Board of Directors' and General Body Meetings, the central bank said.

First Published: May 10, 2006 00:32 IST