Adani Ports and Special Economic Zone shares spiked 9 percent after the Reserve Bank increased FII investment limit.
The Reserve Bank of India on Monday notified that foreign institutional investors/registered foreign portfolios investors can now invest up to 74 percent of paid up capital of the company under portfolio investment scheme.
The Reserve Bank of India, on September 24, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30 percent (revised from default 24 percent) of Supreme Industries under portfolio investment scheme (PIS).
After deferring a decision twice on the proposal, the FIPB cleared the application during Friday's meeting. FIPB is headed by Finance Secretary Rajiv Mehrishi.
An inter-ministerial panel on Monday deferred decision for the second time on Kotak Mahindra Bank's proposal for raising foreign investment limit in the bank to 55 percent.
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.
The board approved hike of the ceiling for overall investment for NRIs/PIOs from RBI stipulated 10 percent to 24 percent of the paid-up capital of the company.
The board of directors, on August 19, decided to seek approval of shareholders for increasing the limit on aggregate shareholding of foreign institutional investors/foreign portfolio investors in the company from existing 49 percent to 75 percent of the paid-up equity share capital.
This limit has been revised from earlier limit of 35 percent of the paid up capital of the company under Portfolio Investment Scheme.
According to sources, the board also approved Shanta Biotech's FDI proposal worth Rs 755 crore; with that Sanofi will now hold 100 percent stake in Shanta Biotech.
The company had asked all custodian banks not to make any further purchases through secondary market on behalf of their FII and NRI clients. Earlier on August 26, it had send an e-mail to stop purchases.
Foreign Institutional Investors (FIIs) can now invest USD 5 billion more in the government securities. This move is expected to increase the participation of FIIs in the government securities. The finance ministry has increased the FII investment limit to USD 15 billion, reports CNBC-TV18’s Aakanksha Sethi.