SITI Cable surges 13% as RBI raises FII investment limit

NEW DELHI: Shares of SITI Cable Network surged over 13 per cent in Tuesday's trade after the Reserve Bank of India allowed foreign investors to buy up to 49 per cent stake in the company.

Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of SITI Cable Network under the Portfolio Investment Scheme (PIS).

Reacting to the development, the scrip gained 13.31 per cent to hit a high of Rs 41.70.