Marico Kaya soars on RBI nod for hike in FII limit

Marico Kaya soars on RBI nod for hike in FII limit

Sep 04,2014   11:52 Hrs IST

Marico Kaya Enterprises is currently trading at Rs. 643.05, up by 18.80 points or 3.01% from its previous closing of Rs. 624.25 on the BSE. The scrip opened at Rs. 639.00 and has touched a high and low of Rs. 650.00 and Rs. 636.00 respectively. So far 67,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 650.00 on 04-Sept-2014 and a 52 week low of Rs. 214.40 on 03-July-2014. Last one week high and low of the scrip stood at Rs. 650.00 and Rs. 553.75 respectively. The current market cap of the company is Rs. 829.28 crore. The promoters holding in the company stood at 59.69% while Institutions and Non-Institutions held 33.14% and 7.17% respectively. Reserve Bank of India (RBI) has notified that foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 40 percent of the paid up capital of Marico Kaya Enterprises under the Portfolio Investment Scheme. The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20 dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank. Marico Kaya Enterprises (MaKE) was incorporated on January 19, 2013 as a wholly owned subsidiary of Marico. In October 2013, MaKE demerged from Marico and is now a separate company. MaKE owns the specialized skin care business of Kaya (erstwhile a subsidiary of Marico).