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Shares of Eicher Motors were up nearly 2% at Rs 16,120 after the Reserve Bank of India approved hike in investment limit by overseas investors.
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of M/s Eicher Motors Limited under the Portfolio Investment Scheme (PIS), the RBI said in a release on Wednesday.
Currently, foreign institutional investors hold 19.47% of the paid-up capital of the company as on December 31, 2014, as per the shareholding data on the Bombay Stock Exchange.
The stock opened at Rs 16,299 and touched a high of Rs 16,350. At 9:55AM, over 19,000 shares were traded on both the stock exchanges.
