Ceat gains on plans to hike FII holding limit

The company plans to hike FII holding to 45% from 24%

Shares of Ceat were up nearly 4% at Rs 877 after the company said that it has passed a special resolution vide postal ballot to hike the foreign investment holding in the company.

The company has sought approval from shareholders to increase the present limit of Foreign Institutional Investors shareholding in the Company from 24% (twenty four percent) to 45% (Forty five percent) of the paid up equity share capital, CEAT said in a release to the stock exchange.

The stock opened at Rs 853 and touched an intra-day high of Rs 888. Over 1.27 million shares were traded on both the stock exchanges so far.