REC to seek RBI nod for increasing FII equity holding limit to 35%

Rural Electrification Corp will seek Reserve Bank of India approval to increase limit of foreign institutional holding in the company to 35% of its equity capital from 24%, chairman JM Phatak said Wednesday.

September 9, 2010 22:02 IST

Rural Electrification Corp will seek Reserve Bank of India approval to increase limit of foreign institutional holding in the company to 35% of its equity capital from 24%, chairman JM Phatak said Wednesday. REC shares rose on the news and hit a 52-week high of Rs 352.40 in late afternoon trade Wednesday.

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