Manappuram Finance jumps as RBI hikes FII limit - The New Indian Express

Manappuram Finance jumps as RBI hikes FII limit

Published: 10th March 2014 04:19 PM

Last Updated: 10th March 2014 04:19 PM

Manappuram Finance, the gold loan company, climbed on Monday after Reserve Bank of India said that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of the company under the Portfolio Investment Scheme (PIS).

Earlier the company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.

Shares of Manappuram Finance are trading at Rs 23.10, up Rs 0.85, or 3.82% at the Bombay Stock Exchange (BSE) on Monday at 3:18 p.m.The scrip has touched an intra-day high of Rs 24.10 and low of Rs 22.80. The total volume of shares traded at the BSE is 745,830.In the earlier session, the shares lost 1.33%, or Rs 0.3, at Rs 22.25.Currently, the stock is trading down 35.2% from its 52-week high of Rs 35.65 and above 134.52% over the 52-week low of Rs 9.85.

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