Credit Analysis & Research shares gain on RBI move

Shares of Credit Analysis & Research (CARE) today rose by nearly 2 per cent after the Reserve Bank allowed the company to increase FII shareholding limit up to 74 per cent of the paid up capital of the firm.
The company's stock ended with a gain of 1.62 per cent at Rs 818 on the BSE. During the day, the scrip rose by 5.59 per cent to Rs 850.
At the NSE, the stock gained 1.78 per cent to settle at Rs 819.15.
"... Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 74 per cent of the paid up capital of Credit Analysis & Research Limited under the Portfolio Investment Scheme (PIS)," RBI had said yesterday in a release.

The company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), it said.
FII shareholding in the company was 15.66 per cent as of March 31, 2014, according to the BSE data.