Eveready stock jumps 7% on RBI move

MUMBAI, Sept 30: Shares of Eveready Industries rose by 7 per cent today after the Reserve Bank allowed foreign investors to hold up to 49 per cent stake in the company.
The stock gained 6.99 per cent to Rs 300 at BSE.
On NSE, it went up by 6.39 per cent to Rs 298.
“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 said.
As per the data on BSE, FIIs held 16.29 per cent in the company as of quarter ended June 2015.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS. (PTI)

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