Mphasis-BFL shareholders approve hike in FII limit

BANGALORE: Shareholders of India's Mphasis-BFL Software Ltd approved on

Monday an increase in the shareholding limit of foreign institutional investors

(FIIs) to the maximum permissible 40 per cent from 30 per cent allowed

currently, its chairman said.

"Increase in FII holding (to 40 per cent) as per law...the motion is

carried unanimously," Jerry Rao told the annual shareholders' meeting.

A company official said the FIIs currently held about 14 per cent stake in

Mphasis-BFL.

The meeting also paved the way for the formal creation of Mphasis-BFL Ltd.

from the merger of Bangalore-based BFL Software Ltd. and the US-based Mphasis

Corp.

BFL Software was last quoted at Rs 519 on July 21 on the Bombay Stock

Exchange.

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