The Reserve Bank of India has withdrawn the restrictions placed on the purchase of shares of the State Bank of India and the Housing Development Finance Corporation Ltd on behalf of FIIs/NRIs/OCBs. These shares can now be purchased with the prior approval of the Reserve Bank of India, through stock exchanges. The restrictions were placed in October 1996 and July 1997 respectively when the overall ceiling of 20 per cent (State Bank of India) and 30 per cent (Housing Development Finance Corporation Ltd.) was reached. The holding of FIIs/NRIs/OCBs in these institutions has now come down below 20 per cent and 30 per cent respectively due to sale of their shares.

(Alpana Killawala)
General Manager

Press Release : 1997-98/639

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 Aircorn 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

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

1. - 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.

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

1. Satyam Computer Services Ltd.
2. 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. .