Cabinet gives ex-post facto approval to Yes Bank's proposal for increase in FI limit
New Delhi, may 25 (IBNS): The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday granted ex-post facto approval to the proposal of Yes Bank Ltd. for increase in the foreign investment limit to 74% from the existing foreign equity of 41.87% without any sub-limits, for investment by way of issue of non-equity shares and/or other permissible instruments to eligible non-resident investors.
The mode of instruments include Qualified Institutions Placement (QIP) of equity shares and/or issue of ADRs/GDRs and/or QFIs/FPIs under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock exchange (except NRIs).
The approval may be accorded subject to the conditions referred to para 8.2 of the Note.
This will result in a Foreign Direct Investment of US $ 1 billion (Rs. 6885 crores approx.) in the country.
Bajaj Finance drops by 4.45 pc to Rs 3,203.60 Wed, Jul 08 2020
SpiceJet facilitates insurance of passengers for COVID-19 hospitalisation starting at Rs. 443 Wed, Jul 08 2020
Cabinet approves the proposal to extend the EPF contribution 24% for another three months from June to August Wed, Jul 08 2020
Indian Market: Sensex down 345.51 points Wed, Jul 08 2020
Indian Rupee slips 8 paise against USD Wed, Jul 08 2020
Infosys flies back 200 employees, their family members from US in special chartered flight Tue, Jul 07 2020
Indian Market: Sensex up by 187.24 pts Tue, Jul 07 2020
Maruti Suzuki partners with Axis Bank for easy finance solutions Tue, Jul 07 2020
Indian Rupee down by 26 paise against USD Tue, Jul 07 2020