11 FDI proposals get Centre’s nod

The finance ministry on Thursday approved 11 foreign direct investment ( FDI) proposals worth ` 1,567 crore. Also two proposals — Sistema Shyam Teleservices involving an FDI of ` 10,000 crore and IIFL Holdings involving an FDI of ` 3201 crore — have been recommended for consideration of cabinet committee on economic affairs ( CCEA). The biggest FDI is for AGS Transact Technologies, which is involved in white label ATMs, involving foreign investment of ` 1,350 crore.

AGS Transact Technologies had sought approval for the issue and transfer of equity shares to eligible non- resident investors, such as FPIs, FIIs, FVCIs and NRIs, pursuant to an IPO thereby increasing the foreign shareholding from the approved foreign equity of 43.17 per cent to 49 per cent.

Foreign Investment Promotion Board ( FIPB) in its meeting held on September 11, 2015 had approved these FDI proposals. It also recommended for the consideration of CCEA, the proposal

Two proposals — from Sistema Shyam Teleservices, involving FDI of 10,000 crore, and from IIFL Holdings involving FDI of 3,201 crore — have been recommended for consideration of the CCEA for increasing the foreign equity from 73.95 per cent to 85.13 per cent, directly in Sistema Shyam Teleservices Limited and indirectly in Shyam Internet Services.

Also IIFL Holdings Limited, a NBFC company proposal too was referred to CCEA which sough permission for increasing the foreign equity from 52.29 per cent to 100 per cent by way of issuing shares to FIIs.