Maruti shares up over 2% on RBI move

Shares of Maruti Suzuki rose by over 2 per cent today as the Reserve Bank allowed foreign investors to pump in up to 40 per cent of the paid up capital in the company.
The stock gained 2.21 per cent to Rs 4,415.70 on the BSE.
On the NSE, it climbed 2.3 per cent to Rs 4,419.10.
Foreign shareholding by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) in Maruti Suzuki India Ltd has gone below the revised threshold limit, RBI said in a release yesterday.
"Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," it added.

RBI said Maruti Suzuki has passed resolutions at its Board of Directors' level and a special resolution by shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.
The purchases could be made through primary market and stock exchanges, it said.
As per data available on the BSE, FIIs held 21.75 per cent in Maruti Suzuki as of quarter ended June 2015.