Kaveri Seed gains after RBI raises FII limit

RBI has now allowed FIIs/FPIs to invest upto 49% of the paid-up capital of the company under PIS

Shares of Kaveri Seed gained over 3% at Rs 809 after the Reserve Bank of India in a release said foreign investors can now buy up to 49% stake in the seed producer of major agricultural crops.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of M/s Kaveri Seed Company Limited under the Portfolio Investment Scheme (PIS)," RBI said in a notification.

The stock opened at Rs 816 and touched a high of Rs 820. At 1PM, over 200,000 shares were traded on both the stock exchanges so far.