Power Grid gains as RBI removes restriction on purchases by foreign investors
Power Grid Corporation of India rose 0.11% to Rs 134.30 at 9:25 IST on BSE after the Reserve Bank of India removed restriction placed on share purchases by foreign investors in the company after their holding fell below the caution limit.
Meanwhile, the S&P BSE Sensex was down 80.89 points or 0.31% at 25,722.89.
On BSE, so far 20,732 shares were traded in the counter as against average daily volume of 1.02 lakh shares in the past two weeks.
The stock hit high of Rs 134.85 and low of Rs 133.30 so far during the day. The stock had hit a 52-week high of Rs 159 on 28 February 2015. The stock had hit a 52-week low of Rs 120.75 on 10 September 2015.
The Reserve Bank of India yesterday, 17 December 2015, notified that the restrictions placed on the purchase of shares of the company by foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) are withdrawn with immediate effect as the foreign share holding by FIIs/RFPIs in the company has gone below the prescribed threshold caution limit stipulated under the extant FDI Policy. The shares of Power Grid Corporation of India can now be purchased through primary market and stock exchanges by FIIs/RFPIs.
Power Grid Corporation of India (PGCIL), a navaratna Central Public Sector Enterprise, is India's largest electric power transmission utility. Government of India held 57.9% stake in PGCIL (as per the shareholding pattern as on 30 September 2015).
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