 "Glenmark Pharma gains on RBI nod to raise FII limit to 49%")
Shares of Glenmark Pharmaceuticals were trading higher by 3% to Rs 928 on the NSE early this morning after the Reserve Bank of India (RBI) allowed foreign institutional investors (FIIs) to buy up to 49% stake in the drug maker.
Foreign Institutional Investors (FIIs) through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of Glenmark Pharmaceuticals under the Portfolio Investment Scheme (PIS), the RBI said on Monday.
In December, the company had received shareholder nod for enhancing the limit from 40% to 49% for the purchase of its equity shares and convertible debentures by FIIs.
The FIIs held 34.71% stake in the pharma major as on March 2015.
The stock opened at Rs 918 and touched a high of Rs 929 on the NSE. A combined 65,000 shares changed hands on the counter till 0916 hours on the NSE and BSE.
Foreign Institutional Investors (FIIs) through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of Glenmark Pharmaceuticals under the Portfolio Investment Scheme (PIS), the RBI said on Monday.
In December, the company had received shareholder nod for enhancing the limit from 40% to 49% for the purchase of its equity shares and convertible debentures by FIIs.
The FIIs held 34.71% stake in the pharma major as on March 2015.
The stock opened at Rs 918 and touched a high of Rs 929 on the NSE. A combined 65,000 shares changed hands on the counter till 0916 hours on the NSE and BSE.
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