The Reserve Bank has allowed foreign investors to have 100 per cent holding in chemical products distributor Veritas (India) Ltd.
The raising of foreign investment limit to 100 per cent follows passage of a special resolution by the company, agreeing to enhance the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs, RBI said.
"The RBI today advised that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 per cent of the paid up capital of Veritas (India) Limited under the Portfolio Investment Scheme (PIS)," the central bank said in a notification.
Veritas (India) deals in international trade and distribution of chemicals including petrochemicals, polymers, paper & paper boards, rubber and heavy distillates.
Veritas scrip closed 1.99 per cent up at Rs 53.90 on the BSE.
