Strides Arcolab Gains; RBI Removes Restriction on FII Buying

Strides Arcolab shares gained as much as 2.5 per cent to hit intraday high of Rs 1,171.50 on Thursday after the Reserve Bank of India removed restriction on Foreign Institutional Investors (FII) buying the stock.


Strides Arcolab was in the restricted list of FIIs after foreign holding in the stock touched 49 per cent of total outstanding shares in 2013. As of July 1, 2015 FIIs holding in Strides Arcolab was reduced to 32.4 per cent.


Post this removal of restriction, foreign investors can now buy shares of Strides Arcolab from the secondary market.


As of 10.38 a.m. Strides Arcolab shares traded 1.35 per cent higher at Rs 1,159 apiece, outperforming the Nifty, which was up 0.16 per cent.