Shares in IDFC surged as much as 7 per cent after the Reserve Bank of India on Wednesday lifted restrictions placed on foreign investors purchasing shares of the company as their shareholding in IDFC fell below the prescribed limit.
The company had reduced the limit that foreign investors can own in the infrastructure lender to 54 per cent from 74 per cent without giving a reason in August.
Dealers said the FII investment limit was reduced earlier to comply with RBI's bank licence guidelines as the company has applied for a banking licence
The stock was trading up 4.7 per cent at 96.60 rupees as of 9:48 a.m. while the broader market was down 0.50 per cent
The company had reduced the limit that foreign investors can own in the infrastructure lender to 54 per cent from 74 per cent without giving a reason in August.
Dealers said the FII investment limit was reduced earlier to comply with RBI's bank licence guidelines as the company has applied for a banking licence
The stock was trading up 4.7 per cent at 96.60 rupees as of 9:48 a.m. while the broader market was down 0.50 per cent
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