Infosys Technologies Ltd.

The Reserve Bank of India has communicated that the holdings of foreign institutional investors (FIIs)/non-resident Indians (NRIs)/overseas corporate bodies (OCBs) in Infosys Technologies Ltd. has come down below 26 per cent. As such it would be in order for FIIs/NRIs/OCBs to make further purchases of the shares of Infosys Technologies Ltd. with prior approval of the Reserve Bank of India.

Punjab Tractors Ltd.

Similarly, the holdings of FIIs/NRIs/OCBs in Punjab Tractors Ltd. has gone down below 20 per cent. It will also be in order to purchases shares of Punjab Tractors Ltd. from the secondary market on behalf of FIIs, NRIs and OCBs who have obtained the Reserve Bank's permission to invest under the portfolio investment scheme subject to the existing ceilings and guidelines. Foreign holding in Infosys Technologies Ltd. is permitted up to 30 per cent and in Punjab Tractors Ltd. up to 24 per cent.

(Alpana Killawala)
General Manager

Press Release : 1997-98/742

List `A'

Companies in which overall ceiling has reached and no further purchase can be allowed.
(a) Companies falling under 24% ceiling

1. Zee Telefilms Ltd.
2. Nagarjuna Constructions Ltd.
3. Patheja Forgings Auto Parts Manufacturing Ltd.
4. NIIT
5. Max India Ltd.
6. Shivalik Projects Ltd.
7. Carrier Aircon Ltd.
8. Digital Equipment (India) Ltd.
9. Wartsila Diesel India Ltd.
10. Elgi Equipments Ltd.

(b) Companies falling under 30% ceiling

1. Mastek Ltd.
2. Satyam Computer Services Ltd.

(c) Public Sector banks including State Bank of India in which 20% ceiling has reached and no further purchase can be allowed.
nil

List `B'

Companies in which the trigger limit has reached and further purchases can be made only with prior approval of Reserve Bank of India.
(a) Companies in which 20% limit is reached.

1. Essel Packaging
2. BFL, Software Ltd.
3. TVS Suzuki Motor Cycles Ltd.
4. Flat Products Ltd.
5. Oswal Spinning and Weaving Mills Ltd.
6. Ramco Industries Ltd.
7. LGB Brothers Ltd.

(b) Companies in which 26% limit is reached.

1. Housing Development Finance Corporation Ltd.

(c) Public Sector banks including State Bank of India in which 16% ceiling has reached

1. State Bank of India

List `C'

Companies in which investment by FIIs/NRIs/OCBs is allowed up to 30% subsequent to passing of resolutions to this effect in their Board of Directors and Annual General Body meetings.

1. Housing Development Finance Corporation Ltd.
2. Infosys Technologies Ltd.
3. Mastek Ltd
4. Asian Paints (India) Ltd.
5. The Paper Products Ltd.
6. Orchid Chemicals and Pharmaceuticals Ltd.
7. Polypex Corporation Ltd.
8. Satyam Computer Services Ltd.
9. Gujarat Ambuja Cements Ltd.