UPL gains on hike in Foreign investment limit

United Phosphorus gained after RBI hiked limit on foreign investment to 74%

United Phosphorus Limited (UPL) has gained around 4.5% on BSE after RBI allowed foeign investors to hold up to 74% in paid up capital in the company under Portfolio Investment Scheme (PIS) as the prescribed limit has gone below threshold.

The decision to enhance the limit for foreign investment came after the board of the company passed special resolution, agreeing to raise the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) or Registered Foreign Portfolios Investors (RFPIs).  

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through Portfolio Investment Scheme (PIS).

The stocks opened at Rs 348 and hit a high Rs 352 on BSE while around 940,000 shares changed hands on BSE and NSE combined so far.