Omaxe raises foreign investors’ holding limitJune 9th, 2009 - 5:50 pm ICT by IANS
Mumbai, June 9 (IANS) In yet another attempt to raise money, the board of directors of realty major Omaxe has decided to increase the limit of holding by foreign institutional investors (FIIs) from 24 percent to 100 percent, the company announced Tuesday.
“The board has approved to increase the limits of holding by the registered FIIs to up to 100 percent,” Omaxe said in a regulatory statement.
The company board has already approved the raising of funds up to Rs.1,800 crore through various means, including issuing securities to qualified institutional buyers (QIBs) on a private placement basis.
The company also decided to increase the authorised share capital to Rs.360 crore from Rs.210 crore.