The Reserve Bank of India has issued a notification that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 30% of the paid up capital of M/s Petronet LNG Ltd under the Portfolio Investment Scheme (PIS).
The Reserve Bank also advised that the foreign shareholding by FIIs/RFPIs in Petronet LNG have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of Petronet LNG are withdrawn with immediate effect.
The Reserve Bank has stated that Petronet LNG has 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 FIIs/RFPIs.
The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20/2000-RB dated 3 May 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/regasification/04112015/foreign-investors-can-now-invest-in-petronet-lng-1574/