From 49% to 74%
Hathway Cable & Datacom announced that the Company had applied for approval of Foreign Investment Promotion Board (FIPB) for increasing foreign investment limit only for Foreign Institutional Investors including its sub-accounts (FIIs), Foreign Portfolio Investors (FPIs), etc. under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of the FEMA (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 in the Company from 49% of its issued and fully paid up share capital under the automatic route to 74% of its issued and fully paid up share capital under the approval/government route and consequent transfer/change of ownership only (and not control) of the Company from persons resident in India to persons resident outside India, if any.In this regard, FIPB have approved the above increase i.e. from 49% of its issued and fully paid up share capital under the automatic route to 74% of its issued and fully paid up share capital for FMs and FPIs under Portfolio Investment Scheme vide its letter dated 03 August 2015.
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