IPCA Laboratories, a Mumbai-based drugmaker, witnessed a rise in share price on Monday after the Reserve Bank of India (RBI) removed restrictions place on overseas investors to buy shares in the company.

The central bank said, "The foreign shareholding of foreign institutional investors (FIIs) in Ipca Laboratories has gone below the revised threshold caution limit. Hence the restrictions placed on the purchase of shares of Ipca Laboratories are withdrawn with immediate effect."

The RBI further notified that FIIs/ RFPIs can now invest up to 35% of the paid up capital of Ipca Laboratories under the Portfolio Investment Scheme (PIS).

Shares of Ipca Laboratories are trading at Rs 668, up Rs 15.25, or 2.34% at the Bombay Stock Exchange (BSE) on Monday at 11:22 a.m.

Total volume of shares traded on the bourses today was lower by 70.80% to 106,099 compared with 22-day average volume of 363,323.