Shares of Eveready Industries ended with over 3 per cent gains today after the Reserve Bank allowed foreign investors to hold up to 49 per cent stake in the company.
The stock settled at Rs 288.75, up 2.98 per cent on BSE. During the day, it surged 6.99 per cent to Rs 300.
At NSE, shares were up 3.35 per cent to Rs 289.50.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (FPIs) can now invest up to 49 per cent of the paid up capital of Eveready Industries India Ltd under the Portfolio Investment Scheme (PIS)," RBI said in a release yesterday.
The company had passed resolutions at its board meeting and a special resolution was approved by the shareholders for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs, RBI added.
As per the data on BSE, FIIs held 16.29 per cent in the company as of quarter ended June.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
In the stock market, the BSE Sensex ended with a sharp gain of 376.17 points at 26,154.83.
