RBI allows foreign investors to buy up to 49% in Ponni Sugars

Reserve Bank has allowed foreign investors to invest up to 49 per cent of the paid-up capital in Ponni Sugars (Erode) Ltd.
Foreign Institutional Investors/Registered Foreign Portfolios Investors/Qualified Foreign Investors/Non Residential Indians)/Person of Indian Origin can now invest up to 49 per cent of the paid up capital of Ponni Sugars Erode Limited under the Portfolio Investment Scheme (PIS).
RBI said the aggregate limit for NRI investment shall not exceed 24 per cent within the overall limit of 49 per cent.
The company had passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by these entities.

As of quarter ended December 2015, the promoters held 42.36 per cent in Ponni Sugar, while public owned shares were 57.64 per cent, as per data available on BSE.
Ponni Sugars scrips closed 4.75 per cent higher at Rs 154.40 a piece on BSE today.