MT Educare hits record high as RBI hikes FII limit

The RBI increased foreign institutional investors' investment limit in education firm to 100% of its paid-up capital.

MT Educare has rallied 7% to Rs 149 after the Reserve Bank of India (RBI) increased foreign institutional investors' (FIIs) investment limit in the education firm to 100% of its paid-up capital.

The stock opened at Rs 146 and hit a record high of Rs 155 on the National Stock Exchange (NSE). A combined around 1.7 million shares changed hands on the counter so far on NSE and BSE.

RBI, on September 30, notified that FIIs/Registered Foreign Portfolios Investors (RFPIs) could now invest up to 100% (revised from earlier limit of 24%) of the paid up capital of MT Educare under the Portfolio Investment Scheme.

MT Educare is one of the leading education support and coaching services provider in School, Science and Commerce streams across Maharashtra and has operations in other states like Tamil Nadu, Karnataka, Punjab, Haryana and Gujarat.

The company also offers specialised coaching for national level examinations like the JEE Advanced and Mains for engineering, NEET for medical, CPT/IPCC/CA Final for commerce, and CAT/CMAT for MBA aspirants under the brand name 'Mahesh Tutorials'.