Venus Remedies EGM approves enhancement of FII limit to 49%

Venus Remedies Ltd has announced that the members at the Extra-ordinary General Meeting (EGM) of the Company held on March 05, 2007, have unanimously transacted the following business:

"Enhancement of the FII investment limit in the Company from 24% to 49% of the paid up equity capital of the Company i.e. investments by Foreign Institutional Investors including their sub-accounts ("the FIIs"), in the shares of the Company, by direct investment, purchase or acquisition from the market or through private placement or conversion of convertible instrument under the Portfolio Investment Scheme under FEMA, on repatriation basis or otherwise subject to the condition that the total holding of all FIIs put together with their existing holding, if any, shall not exceed in aggregate 49 percent of the paid up equity share capital of the Company as may be applicable or such other maximum limit as may be prescribed from time to time, subject to necessary provisions and approvals.

Further, without prejudice to the aforesaid overall limit of foreign investment in the capital of the Company, the investment by any single Foreign Institutional Investor (FII) shall not exceed 10% and all FIIs put together shall not exceed 49% of the paid up equity capital of the Company from time to time.

Source : Equity Bulls

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