The stock jumped 8.4 per cent to Rs 377.30, a 52-week high, after the foreign institutional investor (FII) — Capital International A/c Emerging Markets Growth Fund Inc bought 1.09 million equity shares at a price of Rs 374.18 per share through block deal on the National Stock Exchange.
The company raised Rs 500 crore through QIP route last month by issuing 15.82 million equity shares at price of Rs 316 per share. Before this QIP the FII holding was 20.9 per cent and post QIP issue, the FII holding will drop to 19.2 per cent. The limit for foreign ownership in this segment is 24 per cent and this will open up the window for FIIs to buy up to 9 million or 4.8 per cent shares in the company.
