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Apollo Tyres has rallied nearly 6% to Rs 208 on NSE in early morning deals after the Reserve Bank of India (RBI) said foreign investors can now buy up to 45% stake in the tyre manufacturer.
The stock opened at Rs 199 and touched a high of Rs 209 on NSE. A combined 2.4 million shares changed hands on the counter so far on NSE and BSE.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 45% of the paid-up capital of Apollo Tyres under the Portfolio Investment Scheme (PIS)," RBI said in a notification.
Apollo Tyres has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs/ RFPIs, it added.
The stock opened at Rs 199 and touched a high of Rs 209 on NSE. A combined 2.4 million shares changed hands on the counter so far on NSE and BSE.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 45% of the paid-up capital of Apollo Tyres under the Portfolio Investment Scheme (PIS)," RBI said in a notification.
Apollo Tyres has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs/ RFPIs, it added.
