FIIs can now invest up to 100% in Zee Ent.

The Reserve Bank of India has today advised that foreign institutional investors (FIIs) can now invest upto 100 per cent (revised from earlier limit 49 per cent) of the paid up capital of M/s Zee Entertainment Enterprises Limited under the Portfolio Investment Scheme.

The Reserve Bank has 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 FIIs. The purchases could be made through primary market and through stock exchanges and would be subject to Regulation 5(2) 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.

This approval is given subject to the condition that the onus of compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on the Indian company, M/s Zee Entertainment Enterprises Limited.

The Reserve Bank has notified this under FEMA 1999.