The Reserve Bank of India today notified that M/s. Interworld Digital Limited (formerly Interworld Fashion Limited) has agreed to enhance the limit for purchase of its equity shares by Foreign Institutional Investors (FIIs)/Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) under the Portfolio Investment Scheme up to 100 per cent of its total paid up capital. The company has passed a resolution at the board of directors' level and extra-ordinary general meeting by its shareholders to do so.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares of M/s. Interworld Digital Limited provided :

1. The total purchases by FIIs does  not exceed the applicable overall ceiling limits of 100 per cent of total paid-up capital of the company.

2. The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company does not exceed 10% (Ten per cent) of the paid-up equity capital of the company.

3. The revised FII limit of 100% is within the overall 100% FDI limit applicable to the company.

Ajit Prasad
Manager

Press Release : 2009-2010/1019