ING Vysya Bank is trading higher by 3% at Rs 569, extending its Friday’s 6% rally after the private sector bank said that the Reserve Bank of India (RBI) has given its approval for an increase in investment limit by FIIs (foreign institutional investors) under PIS (portfolio investment scheme) to 30% from 24% of the paid-up capital of the bank.
“The RBI has issued the above said press release on January 03, 2013 approving the increase in the FII investment limit to 30% under PIS in ING Vysya Bank and withdrawing the restrictions placed relating to investment on behalf of FII/NRI/PIO vide their earlier letter dated August 30, 2010 while removing the Bank from the RBI Caution list,” ING Vysa Bank said in a statement.
The stock opened at Rs 558 on the NSE and has seen a combined around 15,000 shares changing hands on the counter in opening deals.