Eveready Industries India, a leader of dry cell batteries, witnessed a rise in share price on Wednesday after the Reserve Bank of India (RBI) had notified that foreign institutional investors (FIIs) and registered foreign portfolios investors (RFPIs) of the company can now invest up to 49% of the paid up capital.

The RBI said, ''The company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing 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 and would be subject to Regulation 5(2) of FEMA notification," it added.

Earlier, FIIs and RFPIs held 16.29% of the paid-up capital i.e 11.84 million shares. According to the new investment limit, FIIs and RFPIs can now hold a maximum of 35.62 million shares representing 49% of the paid-up capital.

Shares of Eveready Industries (India) are trading at Rs 291.15, up Rs 10.75, or 3.83% at the Bombay Stock Exchange (BSE) on Wednesday at 10:39 a.m.

The scrip has touched an intra-day high of Rs 300.00 and low of Rs 289.00. The total volume of shares traded at the BSE is 67,588.