Selan Exploration zooms as RBI withdraws restriction under PIS

RBI said NRI/PIOs can now invest up to 24% of the paid-up capital of Selan Exploration Technology

Shares of Selan Exploration Technology were up 12% at Rs 424 after the Reserve Bank of India in a notification on Thursday withdrew the restrictions placed on the purchase of shares by by Non-Resident Indians (NRI)/Persons of Indian Origin (PIOs) under the Portfolio Investment Scheme with immediate effect.

As the foreign shareholding by NRI/PIOs has gone below the revised threshold caution limit, NRI/PIOs can now invest up to 24% of the paid-up capital of Selan Exploration Technology, the RBI said in a release on Thursday.

The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20 dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank, the release added.

The stock opened at Rs 391 and touched a high of Rs 430 on the BSE. At 11:30AM, over 390,000 shares were traded on both the stock exchanges.