GCPL shares gain on RBI move

MUMBAI: Shares of Godrej Consumer Products Ltd surged over 5 per cent today after the Reserve Bank said foreign investors can buy up to 40 per cent of the paid-up capital in GCPL under the portfolio investment scheme (PIS).

The stock rose by 4.17 per cent to Rs 1,360 at BSE. On NSE, it gained 5.24 per cent to Rs 1,376.

Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) can now invest up to 40 per cent, revised from earlier 35 per cent, of the paid-up capital of Godrej Consumer Products Limited under PIS, the Reserve Bank had said on Friday.

GCPL passed resolutions at board of directors' level and a special resolution by shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

The purchases could be made through primary market and stock exchanges, RBI said.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.