Eicher Motors gains on RBI nod to hike FII limit

The RBI hiked the FII/RFPI investment limit in the company up to 49%

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.