MUMBAI, Mar 20: The Reserve Bank of India (RBI) said that Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can now invest up to 24 percent of the paid up capital of Zicom Electronic Security Systems under the Portfolio Investment Scheme (PIS).
The RBI stated that the company 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 NRIs/PIOs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(3) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.
Reacting to the news, the shares of the company shot up by 4.69 percent.
At the moment, the scrip was trading at Rs 169.50, as it recorded the day high of Rs 181.30 and low of Rs 166.30. (UNI)
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