 "FII-MAT row finds fodder on place of business")
Ujjivan Financial Services has dipped 5% to Rs 372 on the BSE in early morning trade after the Reserve Bank of India (RBI) notified that the aggregate foreign shareholdings in the company has crossed the permissible limit, which means overseas investors will not be able to buy further equity in the company.
“The aggregate foreign shareholdings through Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs)/Foreign Direct Investment (FDI)/Non-Resident Indians (NRI)/American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Persons of Indian Origin (PIO) in M/s Ujjivan Financial Services Ltd. has crossed the permissible limit,” RBI said in notification dated June 15, 2016.
Hence it may please be noted that no further purchase of shares of this company would be allowed through Stock Exchanges in India on behalf of FII/RFPI/FDI/NRI/ADR/GDR/PIO, it added.
Meanwhile, post listings on May 10, this year, the stock had outperformed the market by surging 69% from Rs 232 to Rs 391 till yesterday. The S&P BSE Sensex was gained 3.7% during the same period.
The company had raised around Rs 900 crore by issuing shares at Rs price of Rs 210 per share.
At 09:26 AM, the stock was down 4% at Rs 377 on the BSE. A combined 792,964 shares changed hands on the counter on the BSE and NSE so far.
“The aggregate foreign shareholdings through Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs)/Foreign Direct Investment (FDI)/Non-Resident Indians (NRI)/American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Persons of Indian Origin (PIO) in M/s Ujjivan Financial Services Ltd. has crossed the permissible limit,” RBI said in notification dated June 15, 2016.
Hence it may please be noted that no further purchase of shares of this company would be allowed through Stock Exchanges in India on behalf of FII/RFPI/FDI/NRI/ADR/GDR/PIO, it added.
Meanwhile, post listings on May 10, this year, the stock had outperformed the market by surging 69% from Rs 232 to Rs 391 till yesterday. The S&P BSE Sensex was gained 3.7% during the same period.
The company had raised around Rs 900 crore by issuing shares at Rs price of Rs 210 per share.
At 09:26 AM, the stock was down 4% at Rs 377 on the BSE. A combined 792,964 shares changed hands on the counter on the BSE and NSE so far.
