Eveready to raise FII cap to 49%

Eveready Industries said on Wednesday that the Reserve Bank of India has approved its proposal to raise the voluntary cap of foreign portfolio and institutional investment to 49 per cent from 24 per cent stake in the company. Amritanshu Khaitan, MD, told BusinessLine that after inclusion of Eveready in the MSCI Small Cap index early this fiscal, there had been steady increase in FII interest in the company. The total FII holding rose to 16.29 per cent in April-June quarter this year from 7.47 per cent in October-December quarter last year. However, the total domestic institutional investment witnessed paring down to 7.84 per cent from 10.57 per cent over the same period.