Bajaj Corp at new high on approval to raise FII limit

Shares of Bajaj Corp touched a record high of Rs 367.20 on Wednesday, up 4.7 percent intraday after shareholders allowed the company to raise FII investment limit.

In a extraordinary general meeting on Tuesday, shareholders of the hair care products manufacturer approved the proposal to raise foreign institutional investors' investment limit to 49 percent from current 24 percent.

"Shareholders permitted foreign institutional investors (including their sub-accounts)/foreign portfolio investor to acquire and hold equity shares of the company under the portfolio investment scheme/foreign portfolio investment scheme or any other permissible mode under FEMA up to an aggregate limit of 49 percent of the paid-up equity share capital," said the company in its filing to the exchange.

At 11:35 hours IST, the stock was quoting at Rs 359, up Rs 7.90, or 2.25 percent on the Bombay Stock Exchange.