Nalco to seek shareholders approval to increase FII holding
To facilitate overseas float for phase I divestment
The board of Nalco will seek shareholders approval to hike the ceiling on foreign institutional investors (FIIs) up to 49%. The extra-ordinary meeting is likely to be convened in the last week of March. The move came in the wake of the government`s decision to offload 30% stake through overseas float in the phase I of Nalco`s disinvestment. The float may be a combination of American Depository Receipts and Global Depository Receipts.
