RBI allows Investment by FIIs under PIS in ERA Construction (India) Ltd

The Reserve Bank of India has notified on 7-March-2007 that under Portfolio Investment Scheme (PIS), Foreign Institutional Investors (FIIs) can now purchase equity shares and convertible debentures of ERA Construction (India) Ltd., through primary markets and stock exchanges in India. The purchases can be made upto 40 per cent of the paid up capital of the company, as it has passed resolution to this effect at the Board of Directors' meeting and a special resolution passed by way of postal ballot.

Source : Equity Bulls

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