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Hero Honda to seek shareholders' nod to hike FII limit

Our Bureau

NEW DELHI, July 23

HERO Honda Motors Ltd will seek shareholders' approval at its forthcoming annual general meeting on August 12 for increasing the investment limit of foreign institutional investors (FII)/non-resident Indians (NRIs) and overseas corporate bodies (OCBs) in the company up to 40 per cent.

According to a top company official, the move will help increase Hero Honda's rating on the Morgan Stanley composite index (MSCI). As on March 31, 2002, FIIs held an equity stake of 22.71 per cent in the company, while NRIs/OCBs had a stake of 0.07 per cent. The company intends to pass a special resolution for the purpose of increasing the investment limit of FIIs/NRIs/OCBs.

The Rs 4,500-crore Hero Honda, in its AGM notice, said that an "increased investment by the foreign investors will be in the interest of the company".

Further, in order to comply with SEBI guidelines, it also intends to pass another resolution seeking to replace two articles pertaining to the number of directors. According to Mr Ravi Sud, Vice-President (Finance): "The new clause states that both the promoters in the company will have an equal number of directors, while the remaining will be independent directors."

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