Moneycontrol Bureau
Shares of Siti Cable Network rallied more than 13 percent intraday Tuesday after increase in foreign investment limit by the RBI.
The Reserve Bank of India on Monday notified that foreign institutional investors/registered foreign portfolios investors (RFPIs) can now invest up to 49 percent of the paid up capital of SITI Cable under the portfolio investment scheme.
The digital cable television services provider passed resolutions by board of directors and shareholders, agreeing for enhancing limit for the purchase of its equity shares by FIIs/RFPIs.
Purchases could be made through primary market and stock exchanges, says RBI. At 09:53 hours IST, the scrip of Siti Cable Network was quoting at Rs 39.25, up Rs 2.45, or 6.66 percent on the BSE.Posted by Sunil Shankar Matkar
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