Crompton Greaves gains as RBI allows FIIs to invest 100%
The stock rallied 6% to Rs 190 in early morning deals on BSE.
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Shares in Crompton Greaves has rallied 6% to Rs 190 in early morning deals on BSE after the Reserve Bank of India (RBI) said that foreign institutional investors are now allowed to invest up to 100% of the paid up capital in the company.
A combined around 1.02 million shares changed hands on the counter till 0920 hours on BSE and NSE.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Limited under the Portfolio Investment Scheme (PIS)," RBI said in a release.
The decision follows passage of resolutions at company's board of directors' level 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.
FIIs held 15.93% shares in the company as of quarter ended September 30, 2014.
A combined around 1.02 million shares changed hands on the counter till 0920 hours on BSE and NSE.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Limited under the Portfolio Investment Scheme (PIS)," RBI said in a release.
The decision follows passage of resolutions at company's board of directors' level 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.
FIIs held 15.93% shares in the company as of quarter ended September 30, 2014.
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First Published: Dec 19 2014 | 9:23 AM IST