Kavveri Telecom raises investment limit for FIIs

Telecom equipment maker Kavveri Telecom today raised the investment limit for foreign institutional investors (FII) to 35% in the company's paid-up value of the convertible debentures.

The limit was hiked from the current level of 24%, following approval from company members via postal ballot route.

"The resolution has been passed as special resolution with requisite majority," Kavveri Telecom Director RH Kasturi said in a filing to the Bombay Stock Exchange (BSE).

The company received total of 170 postal ballot forms, out of which 159 forms were valid.

The results showed that 152 ballots agreed to the proposal of raising investment limit while 7 dissented the same.

Shares of the company today closed at Rs 165.25 a piece, up by 1.6% compared to its previous close on the BSE.