Zicom Electronic Security Systems gained after Reserve Bank of India (RBI) allowed investment upto 24% by NRIs. "Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can now invest up to 24% of the paid up capital of Zicom Electronic Security Systems under the Portfolio Investment Scheme (PIS)," said RBI.
The Reserve Bank has stated that 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 NRIs/PIOs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(3) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.
Shares of Zicom Electronic Security Systems are trading at Rs 168.80, up Rs 6.9, or 4.26% at the Bombay Stock Exchange (BSE) on Friday at 12:35 p.m.
The scrip has touched an intra-day high of Rs 181.30 and low of Rs 166.30. The total volume of shares traded at the BSE is 230,773.
