RBI allows 100% foreign investment in CG Consumer Electricals

Reserve Bank of India (RBI) has allowed foreign investors to buy up to 100% in Crompton Greaves Consumer Electricals.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS)," RBI said in a notification.

The company had 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/RFPIs.

As of June 2016, the promoter group held 34.38% in the household appliances maker, while the rest was held by public.

The shares of Cromption Greaves closed 2.36% down at Rs 163.65 on BSE on Thursday.