Pipavav Defence & Offshore Engineering Company witnessed a rise in share price on Wednesday after the Reserve Bank of India (RBI) has hiked registered foreign portfolios investors (RFPIs) and foreign institutional investors (FIIs) and qualified foreign investors (QFIs) limit to invest up to 12% of the paid up capital of Pipavav Defence and Offshore Engineering under the Portfolio Investment Scheme (PIS).
Simultaneously, the RBI also hiked NRIs, Persons of Indian origin (PIO) limit to invest up to 2% in the company.
The RBI said, ''The company has passed resolutions at its board of directors and shareholders' level for allocating the sub limits for the purchase of its equity shares by RFPI, FII, QFIs, NRI and PIOs.''
Shares of the company are trading at Rs 63.60, up Rs 0.65, or 1.03% at the Bombay Stock Exchange (BSE) on Wednesday at 10:02 a.m.
Total volume of shares traded on the bourses today was higher by 52.38% to 515,515 compared with 22-day average volume of 338,303.