SEBI denied exit to two FIIs invested in Essar Group firm India Securities

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SEBI has shut the exit door to two FIIs holding shares in Essar Group firm India Securities. SEBI has told Essar Capital, the acquirer, not to accept the shares tendered by the FIIs till further instructions. The two FIIs together hold 19% in India Securities. They bought into India Securities through a preferential allotment of compulsorily convertible preference shares (CCPS) in March 2010 which were later converted into equity shares.

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