The Reserve Bank of India has allowed purchase of shares of Bank of Baroda from the secondary market on behalf of foreign institutional investors (FIIs)/non-resident Indians (NRIs)/overseas corporate bodies (OCBs). The Reserve Bank stated that consequent upon the increase in the paid-up capital and sales of shares, the holdings of FIIs/NRIs/OCBs in Bank of Baroda have gone down below 16 per cent of its paid-up capital and therefore the requirement of obtaining the Reserve Bank's prior approval for further purchases of Bank of Baroda's shares has been withdrawn.

(Alpana Killawala)
General Manager

Press Release : 1997-98/707

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. Infosys Technologies Limited.
3. 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. Punjab Tractors Ltd.
4. TVS Suzuki Motor Cycles Ltd.
5. Flat Products Ltd.
6. Oswal Spinning and Weaving Mills Ltd.
7. Ramco Industries Ltd.
8. 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.