FII limit nearing 30% in Mahindra Gesco Developers Limited

Mahindra Gesco Developers Limited has informed that: "Mahindra Gesco Developers Ltd. vide shareholder's resolution dated 10th August 2005 has approved the overall limit for FIIs holding in the share capital of the Company upto 30% of the paid-up equity capital of the Company.

The Reserve Bank of India has notified on September 20, 2005 that Foreign Institutional Investors (FIIs) can now purchase under Portfolio Investment Scheme (PIS) equity shares of Mahindra Gesco Developers Limited through primary markets and stock exchanges in India upto 30% of its paid up equity capital. RBI has informed the Company vide its letter dated September 20, 2005 and December 07, 2006 that RBI will be monitoring the FII investments under PIS at sectoral cap/statutory ceiling as applicable and not at the intermediate ceiling fixed by the Company.

In view of the above, we have to inform you that as per the latest download of beneficiary positions made available to the Company by the Depositories (NSDL & CDSL), as of Friday 30th March 2007, the holdings of FIIs in the Company has reached 29.1178% of the paid-up equity capital. The purpose of this communication is to inform all concerned the status of FIIs holdings in the Company vis-a-vis the limits notified as above, of which due note may please be taken".

Shares of the company closed the day at Rs.540.50, down by Rs.28.35 or 4.98%. The total traded quantity was 443864 shares at an average price of Rs.535.27 resulting in a turnover of Rs.2375.87 Lakhs. The stock had hit an intraday high of Rs.579.70 and low of Rs.519.

Source : Equity Bulls

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