Ess Dee Aluminium surges 7.6% as RBI allows FIIs to up stake
Shares of Ess Dee Aluminium soared by as much as 7.6 per cent after the Reserve Bank allowed foreign institutional investors (FIIs) to increase their stake in the company up to 100 per cent and up to 24 per cent by NRIs.
Ess Dee Aluminium's stock ended the day at Rs 572.75, up 7.59 per cent from its previous close on the BSE. During the day, the stock gained 9.79 per cent to Rs 584.50.
At the NSE, the aluminium packaging firm scrip jumped 7.28 per cent to end at Rs 572.
"...Ess Dee Aluminium Ltd. has passed resolutions to enhance the limit for purchase of its equity shares and convertible debentures by FIIs through primary market and stock exchanges up to 100 per cent and by NRIs/PIOs up to 24 per cent of its paid up capital, under the Portfolio Investment Scheme (PIS)," RBI said in a notification yesterday.
FIIs, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).
Under this scheme, FIIs/NRIs can acquire shares/ debentures of Indian companies through the stock exchanges in India.
Source: Financial Express