The Reserve Bank of India has allowed foreign institutional investors (FIIs) to invest upto 100% of the paid up capital of Zee Entertainment Enterprises under the portfolio investment scheme. The RBI raised the FII investment limit from 49%.
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.
"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 Zee Entertainment Enterprises," RBI said.