Tuesday, September 3, 2013

Tech Mahindra shares jump over 4% as FIIs limit raised

Tue, Sep 03 2013;-Mumbai: Shares of Tech Mahindra Ltd on Tuesday rose by over 4% after the Reserve Bank of India allowed the IT firm to raise the purchasing limit of shares by foreign institutional investors (FIIs) in the company by up to 35% of the paid up capital.

After making a bullish opening, shares of the company further jumped 4.23% to Rs.1,433—its 52-week high on BSE. On NSE, the stock jumped 4.27% to touch a one-year high of Rs.1,433.90.

"Tech Mahindra has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs, through primary market and stock exchanges up to 35% of the paid up capital of the company under portfolio investment scheme (PIS)," RBI had said in a notification on Monday.

FIIs, NRIs and persons of indian origin are allowed to invest in the primary and secondary capital markets in India through the PIS.
News From: http://www.7StarNews.com

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