Zicom Electronic surges on RBI nod to hike NRIs/PIOs limit

The stock surged 6% to Rs 172 on the National Stock Exchange.

Zicom Electronic Security Systems has surged 6% to Rs 172 on the National Stock Exchange (NSE) in otherwise subdued market after the Reserve Bank of India (RBI) allowed the company to raise the limit of investment by non-resident Indians (NRIs) and persons of Indian origins (PIOs) to up to 24% of the company's paid up capital.

"Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) can now invest up to 24% of the paid up capital of Zicom Electronic Security Systems Ltd under the Portfolio Investment Scheme (PIS)," RBI said in a notification.

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 NRIs/PIOs. The purchases could be made through primary market and stock exchanges, it added.

The stock opened at Rs 169 and touched a high of Rs 181 on the NSE. A combined 802,008 shares changed hands on the counter till 1147 hours on the NSE and BSE.