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Tech Mahindra surges on getting RBI’s approval to raise FIIs limit to 45%

14 Oct 2013

Tech Mahindra is currently trading at Rs 1578.50, up by 29.90 points or 1.93% from its previous closing of Rs 1548.60 on the BSE.

The scrip opened at Rs 1563.00 and has touched a high and low of Rs 1585.40 and Rs 1563.00 respectively. So far 33950 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 1562.40 on 11-Oct-2013 and a 52 week low of Rs 865.25 on 07-Dec-2012.

Last one week high and low of the scrip stood at Rs 1562.40 and Rs 1402.70 respectively. The current market cap of the company is Rs. 35993.27 crore.

The promoters holding in the company stood at 36.46% while Institutions and Non-Institutions held 47.72% and 15.81% respectively.

Reserve Bank of India (RBI) has raised the limit for foreign institutional investors (FIIs) to buy equity shares and convertible debentures in Tech Mahindra up to 45% through primary market and stock exchanges. Earlier the limit was 35% of the paid up capital of the company under Portfolio Investment Scheme. FIIs, NRIs and persons of India origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the PIS.

As on June 30, 2013, the promoters holding in the company stood at 36.46% while institutions and non-institutions held 47.72% and 15.81% stake in the company, respectively.Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

Related Tech Mahindra Ltd. Links:

Tech Mahindra Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323