Great Eastern Shipping shares surge 6.6 pct on RBI move

Feb 13 2014, 12:26 IST
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Great Eastern Shipping's stock surged 6.58 per cent to Rs 303.70 on the NSE. (AP) Great Eastern Shipping's stock surged 6.58 per cent to Rs 303.70 on the NSE. (AP)
SummaryGreat Eastern Shipping's stock surged 6.58 per cent to Rs 303.70 on the NSE.

Shares of Great Eastern Shipping today rose by as much as 6.6 per cent after the Reserve Bank allowed foreign institutional investors to buy up to 33 per cent of the paid-up equity capital in the company.

GE Shipping's stock surged 6.58 per cent to Rs 303.70 on the NSE.

The company's scrip gained 4.99 per cent to Rs 298.45 on the BSE.

"...Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 33 per cent of the paid up capital of Great Eastern Shipping Co Limited under PIS," the RBI said yesterday in a notification.

The company has passed a special resolution to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs under PIS.

FIIs, NRIs (Non Resident Indians) and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through portfolio investment scheme (PIS).

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