Shares of NHC Foods extended gains today and were up 13% at Rs 34 on the Bombay Stock Exchange after the Reserve Bank of India approved hike in FII investment limit under the Portfolio Investment Scheme.
The Reserve Bank of India, in a press release on Tuesday, notified that the board of directors of NHC Foods Limited has agreed to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs) up to 49 %.
Further, non-Resident Indians (NRIs)/Persons of Indian Origins (PIOs) can increase their stake up to 24% through primary market and stock exchanges, under the Portfolio Investment Scheme of its paid up capital.
It may be recalled that on November 28, 2013 the company said that shareholders had approved increase in the limit of FIIs' holding to 49% from 24% and limit of NRI holdings to 24% from 10%.
