Zee Entertainment gains after RBI hikes FII limit

Zee Entertainment has surged 3.37% to Rs 274.35 after RBI allows up to 100% FII investment. Earlier investment limit for FIIs in the company was 49%.

"Foreign institutional investors (FIIs) can now invest up to 100% (revised from earlier limit 49%) of the paid up capital of Zee Entertainment Enterprises Limited under the portfolio investment scheme," the notification said.

As on March 2014, promoter shareholding in the company was 43.07% while FIIs held 47.94% shares, as per BSE data.

The stock opened at Rs 280.50, touched a high of Rs 282.70 and a low of Rs 273.65 on the BSE. Over 1.5 million shares were traded on both the stock exchanges so far.