Omaxe to increase overseas investors' holding limit to 100%

Realty developer Omaxe today said its board has approved to increase the limit of holding by foreign institutional investors (FIIs) to 100 per cent.     

The board has approved to increase the limits of holding by the registered FIIs to up to 100 per cent, Omaxe said in a filing to the Bombay Stock Exchange.     

At present, the limit of overseas investors holding in the company is 24 per cent.     

The rise in the limit of FII holding was taken yesterday, but the company had inadvertently mentioned this limit as 40 per cent.     

"The increase in the limits of 24 per cent for holding by the registered FIIs was inadvertently mentioned as 40 per cent instead of 100 per cent," Omaxe said in today's filing to the BSE.     

Yesterday, the board of Omaxe had approved the raising of funds up to Rs 1,800 crore through various means, including issuing securities to qualified institutional buyers (QIBs) on a private placement basis.     

The real estate firm would hold an extra ordinary general meeting (EGM) for seeking approval from its investors for the raising of funds, and increasing the FIIs' limit.     

Shares of Omaxe were trading at Rs 111, up 1.6 per cent in the afternoon trade on the BSE.