1. SITI Cable hits 52-week high as RBI raises FII investment limit

SITI Cable hits 52-week high as RBI raises FII investment limit

SITI Cable Network shares gained 13 per cent on Tuesday after the Reserve Bank on Monday allowed foreign investors to buy up to 49 per cent stake in the company.

By: | Updated: January 5, 2016 4:39 PM
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SITI Cable Network shares gained after the Reserve Bank on Monday allowed foreign investors to buy up to 49 per cent stake in the company. (Photo: Reuters)

SITI Cable Network shares gained 13 per cent to touch the 52-week high on Tuesday after the Reserve Bank on Monday allowed foreign investors to buy up to 49 per cent stake in the company.

At 9.48 am, SITI Cable share price was trading 7.61 per cent up at Rs 39.60. The scrip opened at Rs 39.70 and has touched a high and low of Rs 41.70 and Rs 39.45, respectively, in trade so far.  Later, the share price of the company closed 5.30 per cent up at Rs 38.75.

So far, around 7.41 lakh shares of SITI Cable exchanged hands on the BSE as compared with two-week average daily volume of 1.41 lakh shares.

The promoters holding in the company stood at 66.00 per cent while institutions and non-institutions held 21.49 per cent and 12.51 per cent, respectively.

Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of SITI Cable Network Limited under the Portfolio Investment Scheme (PIS), RBI said in a statement.

The company has passed resolutions at its Board of Directors level and a special resolution through shareholders, agreeing to raising the limit for the purchase of its equity shares by FIIs/RFPIs, it added.

As of the September quarter, FIIs held 13.88 per cent in the company, according to BSE data.

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