Eveready Industries surges 7 per cent on RBI nod to hike FII investment limit
FIIs, NRIs and Persons of Indian Origins can invest in primary and secondary capital markets in India through PIS.
PTI Mumbai Last Updated: September 30, 2015 | 15:57 IST
Shares of Eveready Industries rose by 7% after RBI allowed foreign investors to hold up to 49% stake (Photo: Reuters)
Shares of Eveready Industries rose by 7 per cent today after the Reserve Bank allowed foreign investors to hold up to 49 per cent stake in the company.
The stock gained 6.99 per cent to Rs 300 at BSE in the morning trade. On NSE, it went up by 6.39 per cent to Rs 298.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (FPIs) can now invest up to 49 per cent of the paid up capital of Eveready Industries India under the Portfolio Investment Scheme (PIS)," the RBI said in a release on Tuesday.
"The company had passed resolutions at its board meeting and a special resolution was approved by the shareholders for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs," the RBI added.
As per the data on BSE, FIIs held 16.29 per cent in the company as of quarter ended June 2015.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The shares of the company closed at Rs 288.75 apiece up by 2.98% from its previous close on BSE.