WASHINGTON: Adani Ports and Special Economic Zone (SEZ) has moved higher by 4% to Rs 267 on the National Stock Exchange (NSE) in intra-day trade after the Reserve Bank of India (RBI) said that Foreign Institutional Investors (FIIs) can now invest up to 49% in the company from 40% earlier.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can under the Portfolio Investment Scheme (PIS) now invest up to 49% of the paid up capital of M/s Adani Ports and Special Economic Zone Limited. The purchases could be made through primary market and stock exchanges,” RBI said in a notification on September 30, 2016.
The Reserve Bank has stated that the company’s board of directors’ has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. As of June 30, 2016, FIIs held 15.42% stake, while FPIs held 14.47% stake in Adani Ports & SEZ, the shareholding pattern data shows. Till 12:29 am, a combined 2.31 million shares changed hands on the counter on the NSE and BSE.
