RBI allows FIIs to buy Fedders Lloyd Corporation Ltd under PIS

The Reserve Bank of India has today notified that under Portfolio Investment Scheme (PIS), Foreign Institutional Investors (FIIs) can now purchase equity shares and convertible debentures of Fedders Lloyd Corporation Ltd., through primary markets and stock exchanges in India.

The purchases can be made upto 74 per cent of the paid up capital of the company, as it has passed resolutions to this effect at the Board of Directors' and the Extra-Ordinary General Meetings.

The stock closed the day at Rs.122.55, up by Rs.2.30 or 1.91%. The stock hit an intraday high of Rs.123.10 and low of Rs.119. The total traded quantity was 21937 shares at an average price of Rs.120.88 resulting in a turnover of Rs.26.52 Lakhs.

Source : Equity Bulls

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