Shares of Great Eastern Shipping Company today rose by as much as 6.6% after the Reserve Bank allowed foreign institutional investors to buy up to 33% of the paid-up equity capital in the company.
GE Shipping's stock surged 6.58% to Rs 303.70 on the NSE.
The company's scrip gained 4.99% to Rs 298.45 on the BSE.
"...Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 33% of the paid up capital of Great Eastern Shipping Co Limited under PIS," the RBI said yesterday in a notification.
The company has passed a special resolution to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs under PIS.
FIIs, NRIs (Non Resident Indians) and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through portfolio investment scheme (PIS).
