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Future group to increase FII Stake
Posted On: 11-09-2013 00:00:00 13

Under the current rules, investment by foreign institutional investors (FIIs) can go up to 24% in a listed company and can be further raised up to the sectorial foreign direct investment (FDI) limit through a board resolution endorsed by the shareholders of the company. In the normal course this can be done with a simple RBI approval but in the case multi-brand retail there is some confusion. In September last year, government allowed 51% FDI in the multi-brand retail sector subject to certain conditions and also said that prior permission of the government is required. The policy, however, is not clear on portfolio investments in the sector. The Reserve Bank of India (RBI) and the finance ministry have sought clarity in the policy on portfolio investments in multi-brand retail sector, which could help listed domestic players such as Futures Retail raise the foreign investment limit.

Futures Retail had submitted its application to the FIPB in April to raise seeking increase in FII investment limit to 49% but is yet to secure its clearance due to lack of clarity in the policy. The company has now represented to Finance Minister P Chidambaram for a decision on the issue. FIIs currently hold 24.89% stake in the Future Retail.

 
 
 

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