BoB bounces back on block deal

DALAL STREET SPIKES

Bank of Baroda was in limelight gaining 11.89 per cent on back of a block deal of 20 lakh shares at Rs 269 per share. According to market sources, the deal was between two FIIs.

However, the identity of the parties to the deal were not known. Dealers said that the block deal was executed at Rs 269.40 (which is 20 per cent higher than its Wednesday's closing price of Rs 224.50.)

The stock closed at Rs 251.20 with volumes accounting for more than 33.94 lakh shares on the BSE on Thursday.

Market analysts said that the stock was also in the limelight on news of Reserve Bank of India (RBI) lifting restriction on FII investment in BoB. RBI has now allowed FIIs to buy BoB shares without seeking its prior approval.

RBI allowed FIIs to buy additional shares since the FII holding in BoB had gone down below the trigger limit of 18 per cent. FIIs can buy a maximum 20 per cent in BoB.