Moneycontrol Be a Pro
Get App
Last Updated : Dec 11, 2015 11:19 AM IST | Source: Moneycontrol.com

Titan rises 4% on RBI nod for FII investment upto 35%

The Reserve Bank has further advised that the foreign shareholding by FIIs/RFPIs in Titan Company has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company withdrawn with immediate effect.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Moneycontrol Bureau

Shares of Titan Company jumped 4 percent intraday on Friday as it has got approval to get more foreign capital.  The Reserve Bank of India has given approval to increase foreign institutional investors (FII) upto 35 percent.

“The Reserve Bank of India has notified that FIIs/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 35 pe cent of the paid up capital of Titan Company Limited under the Portfolio Investment Scheme (PIS),” a central bank statement said.

The Reserve Bank has further advised that the foreign shareholding by FIIs/RFPIs in Titan Company has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company withdrawn with immediate effect.

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

Meanwhile, in a separate announcement, RBI has allowed FIIs/RFPIs of Shilpa Medicare to invest up to 30 percent.

At 10:34 hrs Titan Company was quoting at Rs 365.20, up Rs 2.50, or 0.69 percent on the BSE.



The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Dec 11, 2015 10:54 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant