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Shares of Hero MotoCorp Ltd rose as much as 2.5 per cent today after the Reserve Bank of India allowed foreign investors to buy up to 49 per cent of the paid-up capital in the company.
Hero MotoCorp’s stock jumped 2.47 per cent to Rs 3,110 on the BSE. On the NSE, it was up 2.42 per cent to Rs 3,108.60.
“... Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of Hero MotoCorp Ltd (earlier Hero Honda Motors Ltd) under the Portfolio Investment Scheme,” RBI had said in a notification yesterday.
The decision follows passage of a special resolution to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.
As of quarter ended September 30, 2014, FIIs held 34.34 per cent in the company.
RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.
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