Godrej Consumer Products (GCPL) shares rose over 4 per cent on Monday after the Reserve Bank of India said foreign investors can buy up to 40 per cent of the paid-up capital in GCPL under the portfolio investment scheme (PIS).
At 1.38 pm, the scrip was trading 2.94 per cent higher at Rs 1343.90. It opened at Rs 1324.80 and had touched a high and low of Rs 1360 and Rs 1324.65, in trade so far.
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) can now invest up to 40 per cent, revised from earlier 35 per cent, of the paid-up capital of Godrej Consumer Products Limited under PIS, the Reserve Bank had said on Friday.
GCPL passed resolutions at board of directors’ level and a special resolution by shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.
The purchases could be made through primary market and stock exchanges, RBI said.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The scrip closed 2.26 per cent higher at Rs 1,335.
(With inputs from PTI)