Eicher Motors shares gain 3% on bourses

Shares of Eicher Motors gained 3 per cent today after RBI allowed foreign investors to invest up to 49 per cent of the paid-up capital in the company.
Following this, shares of the company opened the day on a positive note and further gained 3 per cent to Rs 16,350 apiece as the trade progressed at the BSE.
On the NSE, it climbed by 2.31 per cent to Rs 16,240 per scrip.
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of Eicher Motors under the Portfolio Investment Scheme (PIS), RBI had said in a statement yesterday.

"... The company has passed resolutions at its Board and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs," it had said.
The purchases can be made through primary market and stock exchanges, it added.
As per data available on the BSE, FIIs hold 19.47 per cent stake in the company as of quarter ended December 2014.