 "Crompton Greaves gains as RBI allows FIIs to invest 100%")
Shares in Crompton Greaves has rallied 6% to Rs 190 in early morning deals on BSE after the Reserve Bank of India (RBI) said that foreign institutional investors are now allowed to invest up to 100% of the paid up capital in the company.
A combined around 1.02 million shares changed hands on the counter till 0920 hours on BSE and NSE.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Limited under the Portfolio Investment Scheme (PIS)," RBI said in a release.
The decision follows passage of resolutions at company's 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.
FIIs held 15.93% shares in the company as of quarter ended September 30, 2014.
A combined around 1.02 million shares changed hands on the counter till 0920 hours on BSE and NSE.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Limited under the Portfolio Investment Scheme (PIS)," RBI said in a release.
The decision follows passage of resolutions at company's 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.
FIIs held 15.93% shares in the company as of quarter ended September 30, 2014.