 "Eveready Industries rallies on RBI nod to hike FII limit")
Eveready Industries has rallied 7% to Rs 300 on the BSE in early morning trade after the Reserve Bank of India allowed foreign investors to invest up to 49% stake in the company under the Portfolio Investment Scheme.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Eveready Industries India Ltd. under the Portfolio Investment Scheme (PIS),” RBI said in a notification dated September 29, 2015.
The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
As per data on BSE, FIIs held 16.29% 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.
At 09:25 am, the stock was up 5% at Rs 294 on the BSE. A combined 195,031 shares changed hands on the counter on the BSE and NSE so far.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Eveready Industries India Ltd. under the Portfolio Investment Scheme (PIS),” RBI said in a notification dated September 29, 2015.
The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
As per data on BSE, FIIs held 16.29% 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.
At 09:25 am, the stock was up 5% at Rs 294 on the BSE. A combined 195,031 shares changed hands on the counter on the BSE and NSE so far.
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