Siti Cable Network hits 52-week high as RBI raises FII investment limit
The stock surged 13% to Rs 41.70, also its 52-week high on the BSE.
 "Govt mulls raising FDI cap to 100% in DTH, cable networks")
Siti Cable Network has surged 13% to Rs 41.70, also its 52-week high on the BSE, after the Reserve Bank of India (RBI) hiked foreign institutional investors' (FIIs) investment limit in the company.
The Reserve Bank of India on Monday notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of SITI Cable Network under the Portfolio Investment Scheme (PIS).
The RBI stated that the company has passed resolutions at its board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
The purchases could be made through primary market and stock exchanges, it added.
At 09:19 a.m. the stock was up 10% at Rs 40.45 on the BSE. The trading volumes on the counter rose more than four-fold with a combined 1.52 million shares have changed hands on the BSE and NSE so far.
The Reserve Bank of India on Monday notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of SITI Cable Network under the Portfolio Investment Scheme (PIS).
The RBI stated that the company has passed resolutions at its board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
The purchases could be made through primary market and stock exchanges, it added.
At 09:19 a.m. the stock was up 10% at Rs 40.45 on the BSE. The trading volumes on the counter rose more than four-fold with a combined 1.52 million shares have changed hands on the BSE and NSE so far.
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First Published: Jan 05 2016 | 9:26 AM IST