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).
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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.
