Bank of Baroda has gained nearly 4% to Rs 863 on BSE after the Reserve Bank of India (RBI) has lifted ban imposed on foreign investors to buy shares in state-owned lender as the foreign shareholding under portfolio investment scheme (PIS) in the bank has gone below the prescribed limit.
The RBI on Tuesday after market hours said aggregate share holdings by foreign institutional investors/registered foreign portfolio investors/Non-resident Indian/persons of Indian origin (PIOs) under PIS in Bank of Baroda have gone below the prescribed threshold caution limit.
Hence, the restrictions placed on the purchase of shares of the Bank of Baroda are withdrawn with immediate effect. Equity shares of Bank of Baroda can now be purchased through primary market and stock exchanges, it added.
FIIs held 16.95% stake in Bank of Baroda as of the quarter ended June 2014, according to data from the BSE.
The stock opened at Rs 839 and has seen a combined 504,760 shares changing hands on the counter in early morning deals on BSE and NSE.
The RBI on Tuesday after market hours said aggregate share holdings by foreign institutional investors/registered foreign portfolio investors/Non-resident Indian/persons of Indian origin (PIOs) under PIS in Bank of Baroda have gone below the prescribed threshold caution limit.
Hence, the restrictions placed on the purchase of shares of the Bank of Baroda are withdrawn with immediate effect. Equity shares of Bank of Baroda can now be purchased through primary market and stock exchanges, it added.
FIIs held 16.95% stake in Bank of Baroda as of the quarter ended June 2014, according to data from the BSE.
The stock opened at Rs 839 and has seen a combined 504,760 shares changing hands on the counter in early morning deals on BSE and NSE.