Everonn Education has rallied 14% to Rs 452, extending its Monday’s 20% gain, after the Reserve Bank of India (RBI) allowed the company to increase foreign institutional investment (FII) limit in the company up to 24%.
“The RBI on Friday notified that M/s Everonn Education Ltd. has passed resolutions at the board of directors' level and a special resolution by the shareholders, to enhance the limit for purchase of its equity shares and convertible debentures by NRIs/PIOs through primary market and stock exchanges up to 24% of its paid up capital, under the Portfolio Investment Scheme (PIS),” the central bank said in its press release.
The trading volumes on the counter have soared with a combined 1.5 million shares changing changed hands in morning deals, as against an average less than one million shares that were traded daily in past two weeks on both the exchanges.
