Gammon Infrastructure rallies as RBI ups FII investment limit

NEW DELHI: Gammon Infrastructure Ltd surged as much as 19.7 per cent in trade on Thursday, after the the Reserve Bank of India (RBI) said foreign institutional investors (FIIs) and foreign portfolio investors (FPI) can now invest up to 49 per cent in Gammon Infrastructure Projects Ltd.

"The purchases could be made through primary market and stock exchanges," the RBI said in a statement.

Gammon's board has passed resolutions and the shareholders have passed a special resolution, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs (registered foreign portfolios investors), PTI reported.