The Reserve Bank India has today notified that the aggregate holding of equity shares of the under noted companies by Foreign Institutional Investors (FIIs) in the primary/secondary markets has reached the limit of 22 percent of its paid up capital. Therefore, no further purchases of equity shares of these companies will be allowed through stock exchanges in India on behalf of FIIs without obtaining prior clearance of the Reserve Bank of India.

1. Sterling Holiday Resorts (India) Ltd.
2. Uttam Galva Steels Ltd.

On receipt of such proposals, clearance will be given by the Reserve Bank of India, on first-come-first-served basis, after taking into account the purchases proposed to be made by all designated bank branches, till 24 per cent limit is reached.

Ajit Prasad
Manager

Press Release : 2009-2010/352