ADANI PORT: Shares of Adani Ports and Special Economic Zone rallied 3 percent on Tuesday after the Reserve Bank of India raised foreign institutional investors’ investment limit.
The Reserve Bank of India on Monday notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 40 percent of the paid up capital of Adani Ports under the portfolio investment scheme (PIS).
The company had 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.
The RBI said the purchases could be made through primary market and stock exchanges and would be subject to FEMA Regulation.
The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling. ADVERTISING At 09:31 hours IST, the scrip of Adani Ports and Special Economic Zone was quoting at Rs 315, up Rs 3.40, or 1.09 percent on the BSE.
