Bajaj Corp gained 1.4 per cent in morning trade on Tuesday before slipped into the red. The Reserve Bank of India has allowed overseas investors to buy up to 49 per cent in the company.
At 10.42 am, the stock was a tad down (-0.30 or -0.08%) at Rs 399.15.
Bajaj Corp is up by a marginal 0.9%; RBI has allowed hike in foreign investment to up to 49% of the paid up capital of the company
— Rajalakshmi Nirmal (@crajalakshmic)
January 6, 2015The company's board in November approved stake limit increase for foreign investors to 49 per cent from 24 per cent. The RBI regularly prevents FIIs from buying shares in companies if they approach the limit stipulated by regulations and then re-adjusts once foreign ownership falls below the prescribed level.