Marico Kaya gains on RBI nod for hike in FII limit

Marico Kaya Enterprises surged after RBI permitted foreign investors to buy up to 40% of the paid-up capital.

Marico Kaya Enterprises surged 2.4% to Rs 639 on the BSE after RBI permitted foreign investors to buy up to 40% of the paid-up capital of the company.

 

On Wednesday, 3 September 2014, RBI suggested that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest upto 40% of the paid up capital of Marico Kaya Enterprises under the portfolio investment scheme. Total foreign holding quotes at 31% in Marico Kaya Enterprises (as per the shareholding pattern as on 30 June 2014).

 

Furthermore, RBI stated that Marico Kaya Enterprises 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. The purchases can be made via primary market and stock exchanges.

 

Stock of Marico Kaya Enterprises opened at Rs 639, touched a high of Rs 650 and a low of Rs 636 on the BSE. A total of 61,794 shares have exchanged hands on the BSE so far.