 "Bajaj Corp gains on board nod to hike in FII limit")
Shares of Bajaj Corp has moved higher by 6% to Rs 334 on National Stock Exchange (NSE) after the company said that its board approved to increase the aggregate investment limit of Foreign Institutional Investors (FIIs) from 24% to 49% of the paid-up equity capital.
“The board of directors of the company at its meeting held on November 28, 2014, has passed necessary resolution for increase in the limit of total holding of all Registered Foreign Portfolio Investors (“RFPI”) with existing class of investors namely Foreign Institutional Investors (“FIIs”) and Qualified Foreign Investors (“QFIs”) registered with SEBI in respect of their existing shareholding in the Company, put together in equity share capital of the company from existing 24% to 49%,” Bajaj Corp said in a statement.
The board has also approved convening an Extraordinary General Meeting (EGM) of the shareholders of the company on December 30, 2014 to seek shareholders approval for the aforesaid increase in limit from existing 24% to 49%, it added.
As of September 2014, FIIs held 15.21% stake in the personal products company, the shareholding pattern data shows.
The stock opened at Rs 317 and hit a high of Rs 335 on NSE. A combined 689,259 shares changed hands on the counter till 1322 hours on NSE and BSE.
“The board of directors of the company at its meeting held on November 28, 2014, has passed necessary resolution for increase in the limit of total holding of all Registered Foreign Portfolio Investors (“RFPI”) with existing class of investors namely Foreign Institutional Investors (“FIIs”) and Qualified Foreign Investors (“QFIs”) registered with SEBI in respect of their existing shareholding in the Company, put together in equity share capital of the company from existing 24% to 49%,” Bajaj Corp said in a statement.
The board has also approved convening an Extraordinary General Meeting (EGM) of the shareholders of the company on December 30, 2014 to seek shareholders approval for the aforesaid increase in limit from existing 24% to 49%, it added.
As of September 2014, FIIs held 15.21% stake in the personal products company, the shareholding pattern data shows.
The stock opened at Rs 317 and hit a high of Rs 335 on NSE. A combined 689,259 shares changed hands on the counter till 1322 hours on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%