Edelweiss shares jump on FII holding limit hike

Shares of Edelweiss Financial Services surged 5.7% to Rs 26.70 after the company announced hiking the FII holding limit to 28% from 24%. The stock touched a high of Rs 26.80 and a low of Rs 25.15 during the day's trade.

The company in an exchange filing said "In accordance with the provisions of Foreign Exchange Management Act, 1999 and Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, the Board of Directors of the Company, has subject to the approval of the members, increased the limits of Foreign Institutional Investors (FIIs) holding in the equity share capital of the Company from 24% to 28%."