Godrej Consumer surges on RBI nod for FII stake hike

The RBI said that FIIs/RFPIs can buy up to 40% revised from earlier 35% of the paid up capital of Godrej under PIS

Shares of Godrej Consumer Products are trading higher by 4% at Rs 1,360 on the Bombay Stock Exchange (BSE) after the Reserve Bank of India (RBI) on Friday said that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can buy up to 40%, revised from earlier 35% of the paid up capital of Godrej under the Portfolio Investment Scheme (PIS).

GSPL passed resolutions at board of directors' level and a special resolution by shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

The purchases could be made through primary market and stock exchanges, the RBI added.

 

The stock opened at Rs 1,325 and touched a high of Rs 1,359 on the BSE. A total of 4,385 shares changed hands on the BSE.