Shares of Siti Cable Network rose over 7 per cent on Bombay Stock Exchange (BSE) after the Reserve Bank of India (RBI) hiked foreign institutional investors' (FIIs) investment limit in the company.
The Reserve Bank of India on Monday notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios 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).
Following the development, shares of the company gained 7.47 per cent to Rs 39.55 a piece on Bombay Stock Exchange.
Shares of the company surged 6.91 per cent to Rs 39.45 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 25,543.13, up 80.22 points, or 0.31 per cent at 11.21 hours.