Edelweiss surges 3.6% as Reserve Bank lifts restrictions on FII buying

MUMBAI: Shares of broking firm Edelweiss surged in trade after the Reserve Bank of India lifted restrictions on FII buying in company shares. The central bank has allowed increase in foreign investment limit following the company's resolution to increase FII limit to 28 per cent of the paid-up capital.

" Edelweiss Financial Services has passed resolutions at the 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 Foreign Institutional Investor ( FIIs), through primary market and stock exchanges up to 28 per cent of the paid up capital," RBI said in release.

As per data available on the BSE, FIIs held 22.63 per cent shares in the company as of December 31, 2013.

At 09:30 a.m.; the stock was at Rs 31.25, up 3.65 per cent, on the BSE. It touched a high of Rs 31.90 and a low of Rs 30.85 in trade today.