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Breaking News :  Hathway gets RBI approval for upping FDI limit to 74%
Thursday 27-August-2015, 14:42,
Hathway gets RBI approval for upping FDI limit to 74%
MUMBAI:
After
receiving
approval
from
the
Foreign
Investment
Promotion
Board
(FIPB)
for
increasing
the
foreign
investment
limit
from
the
current
49
per
cent
to
74
per
cent,
multi
system
operator
(MSO)
Hathway
Cable
and
Datacom
has
received a nod from the Reserve Bank
of India (RBI) as well.
The RBI granted its approval to the
MSO for enhancing the limit for the
purchase of its equity shares and
convertible debentures by FIIs/RFPIs,
through primary market and stock
exchanges up to 74 per cent of the
paid up capital of the company under
Portfolio Investment Scheme post
approval of the same by FIPB.
“This would be subject to the
Regulation 5(2) of FEMA Notification
No.20/2000 RB dated May 03, 2000 (as
amended from time to time) issued
under FEMA, 1999,” the notice said.
RBI has also advised all custodian
banks that since the foreign share
holding by FIIs/RFPIs in Hathway have
gone below the revised threshold limit
stipulated under the extant FDI
policy, the restrictions placed on the
purchase of shares vide its letter
dated 20 February, 2015 are
withdrawn with immediate effect and
hence equity shares of Hathway can
now be purchased through primary
market and stock exchanges.
http://www.indiantelevision.com/cable-tv...-74-150827
ANIL G
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