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"Hence, the restrictions placed on the purchase of shares of the above company on behalf of FIIs/NRIs/PIOs, are withdrawn with immediate effect," RBI said.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E-mail ID will not be published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

  • Back from the US of A, Modi will now have to walk the talk

    It would be no overstatement to suggest that prime minister Narendra Modi’s five-day trip to the US was an exercise in PR diplomacy.

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

Simon J Evenett

Where the mind leads, actions follow

Whether in business, government, non-profits, or elsewhere, what assumptions underpin ...

Zehra Naqvi

Fading empathy in the modern world

The episode of a man being mauled to death by ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture