South Indian Bank gained over 3% at Rs 25.35 in morning deals after the Reserve Bank of India (RBI) allowed foreign institutional investors (FIIs) to buy further shares in the bank as FII holdings had slipped below the limit.
The RBI notified that the aggregate share holding by FIIs/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) under the Portfolio Investment Scheme (PIS) in The South Indian Bank Limited have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.
Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Earlier at the start of this month, the RBI had restricted purchase of shares in South Indian Bank by foreign investors as the prescribed limit reached the trigger level.
The volume on the counter spurted by over 1.15 times in the first half hour of trade with the stock hitting an intra-day high of Rs 25.95.
The RBI notified that the aggregate share holding by FIIs/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) under the Portfolio Investment Scheme (PIS) in The South Indian Bank Limited have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.
Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Earlier at the start of this month, the RBI had restricted purchase of shares in South Indian Bank by foreign investors as the prescribed limit reached the trigger level.
The volume on the counter spurted by over 1.15 times in the first half hour of trade with the stock hitting an intra-day high of Rs 25.95.
