IDFC surges 7% as RBI removes FII restriction
Shares in IDFC surged as much as 7 per cent after the Reserve Bank of
India on Wednesday lifted restrictions placed on foreign investors
purchasing shares of the company as their shareholding in IDFC fell
below the prescribed limit.
The company had reduced the limit that foreign investors can own in the infrastructure lender to 54 per cent from 74 per cent without giving a reason in August.
Dealers said the FII investment limit was reduced earlier to comply with RBI's bank licence guidelines as the company has applied for a banking licence
The stock was trading up 4.7 per cent at 96.60 rupees as of 9:48 a.m. while the broader market was down 0.50 per cent
PRINCE BIKRAM SHAH
P.G.D.M-1ST
No comments:
Post a Comment