RBI Allows 100% Foreign Investment In Crompton Greaves Consumer

Crompton Greaves Consumer Electricals' promoter group held 34.38% in the company as of June 2016.
Crompton Greaves Consumer Electricals’ promoter group held 34.38% in the company as of June 2016.
Mumbai: The Reserve Bank of India has allowed foreign investors to buy up to 100 per cent in Crompton Greaves Consumer Electricals Ltd.

“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 per cent of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS),” the RBI said in a notification.

The company had passed resolutions at the level of its board of directors 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.

As of June 2016, the promoter group held 34.38 per cent in the household appliances maker, while the rest was held by public.

Shares in Crompton Greaves Consumer Electricals, on Thursday, ended 2.36 per cent lower at Rs 163.65 apiece on the BSE, whose benchmark Sensex index finished up 0.41 per cent.