South Indian Bank surges; cbank removes foreign buy restrictions

Written by Reuters | Updated: Apr 22 2014, 20:06pm hrs
Shares in South Indian Bank Ltd gain 3.5 percent after RBI on Monday withdrew restrictions placed on the purchase of shares by overseas investors.

The central bank regularly prevents foreign institutional investors from buying shares in companies if they are approaching the limit stipulated by regulations, and will then re-adjust once foreign ownership falls below the prescribed level.

Foreign investors held 41.7 percent of South Indian Bank shares as of end-March, according to BSE data.