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Pantaloon surges; norms for investment in firm eased
A mannequin is on display beside a window as people shop in a clothes shop in New Delhi June 17, 2007.
Credit: Reuters/Desmond Boylan/Files
MUMBAI |
MUMBAI (Reuters) - Pantaloon Retail Ltd PART.NS gained as much as 13.8 percent after the RBI eased restrictions on the purchase of shares in the company by foreign institutional investors and by non-resident Indians as well as persons of Indian origin.
The Reserve Bank of India took the measures after the aggregate shareholding held by these categories of investors fell below the threshold limit under the Foreign Direct Investment Scheme, meaning these investors can now buy into Pantaloon shares.
Pantaloon Retail India Ltd PART.NS shares were up 12.82 percent as of 12:44 a.m.
(Reporting by Abhishek Vishnoi and Suvashree Dey Choudhury; Editing by Anand Basu)
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