Shares of Hathway Cable today settled with gains of over 8 per cent after the Reserve Bank removed the company from its caution list and revised the foreign holdings limit.
During the day, the shares had jumped as much as 16 per cent to touch an intra-day high of Rs 46.90 on BSE. The script, however, lost some ground and at the close of today's trading was quoted at Rs 43.80 on BSE, up 8.42 per cent.
Similar movement was seen on the National Stock Exchange as well, where the stocks opened at Rs 44.50, then jumped 18.45 per cent to touch an intra-day high of Rs 47.50 and finally settled for the day at Rs 43.40, up 8.23 per cent from its previous closing price.
The Reserve Bank yesterday said it has removed Hathway Cable & Datacom from its caution list and foreign investors can now buy more shares in the company.
"Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now purchase shares of Hathway Cable & Datacom," RBI said in a release.
The investments can go up to 74 per cent -- revised from the earlier limit of 49 per cent under foreign direct investment policy -- of the company's paid-up capital through GDR/ADR/FDI under the Portfolio Investment Scheme (PIS) in primary market and stock exchanges, it added.
According to BSE data, FIIs held 14.54 per cent in the company as of the quarter ended June 2015.
