Pantaloon up 10% as RBI eases norms for foreign investment

Tags: Companies
Shares of Pantaloon Retail India today surged over 10 per cent after the Reserve Bank allowed foreign institutional investors, non-resident Indians and persons of Indian origins to buy shares in the company.

Shares of the company opened on strong note and later spurted 10.63 per cent to trade at Rs 268.40 on the BSE.

At the National Stock Exchange, the stock zoomed 10.63 per cent to Rs 268.30.

RBI in a notification yesterday said, "The aggregate share holdings by FIIs, NRIs and PIOs under portfolio investment scheme in Pantaloon Retail has gone below the prescribed threshold limit stipulated under extant foreign direct investment policy."

"Hence, the restrictions placed on the purchase of shares of the above company on behalf of FIIs/NRIs/PIOs, are withdrawn with immediate effect," RBI said.

Further, it is advised that in respect of the existing prior approval applications for purchase of shares received through custodian banks of FIIs, pending with RBI which could not be processed due to unavailability of limit/headroom, such investors are free to invest within the enhanced ceiling, it said.

As on December quarter, total FII holding in the company stands at 21.98 per cent.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • If the first 17 editions of Saarc were tragedies, Kathmandu was a sham

    Rarely has a regional grouping such as the South Asian Association of Regional Cooperation (Saarc) promised so much and delivered so little.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

By the power of wind, let there be light

In India, the development of wind power began in the ...

Zehra Naqvi

Being unrealistic can be good for you

Depression is a term that most people use very casually ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture