UPL Ltd shares end nearly 3% up on RBI move

Shares of agrochemicals firm UPL Ltd ended nearly 3 per cent higher today after the Reserve Bank allowed foreign investors to hold up to 74 per cent paid up capital in the company.
UPL's stock ended at Rs 344.35, up 2.79 per cent on the BSE. During the day, it gained 6 per cent to Rs 355.40.
At the NSE, the scrip settled with a gain of 2.87 per cent at Rs 344.50.
On the volume front, 2.70 lakh shares of the company changed hands at the BSE, while more than 25 lakh shares were traded at the NSE during the day.

The Reserve Bank yesterday allowed foreign investors to hold up to 74 per cent paid up capital in UPL Ltd under Portfolio Investment Scheme (PIS) as the prescribed limit has gone below threshold.
"...Advised that FIIs/RFPIs can now invest up to 74 per cent of the paid up capital of UPL Limited under the Portfolio Investment Scheme," RBI had said in a notification.

The foreign shareholding by Foreign Institutional Investors (FIIs) or Registered Foreign Portfolios Investors (RFPIs) in the company had gone below the revised threshold limit.
The decision to enhance the limit for foreign investment came after the board of the company passed special resolution, agreeing to raise the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs.

"Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," RBI had said.