Escorts EGM approves increase in FII limit

Escorts Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on May 25, 2007, have accorded for investment by Foreign Institutional Investors including their Securities and Exchange Board of India (SEBI) approved sub-accounts ("FIIs"), in the equity shares or convertible debentures and / or other securities convertible into or exchangeable with equity shares of the Company, by acquiring the equity shares / convertible debentures and / or other securities convertible into or exchangeable with equity shares from Company or purchasing the same from the market under the Portfolio Investment Scheme under FEMA, subject to the condition that the total holding of all FIIs put together shall not exceed 49% of the paid up equity share capital and / or 100% of the paid up value of each series of convertible debentures and / or other securities convertible into or exchangeable with equity shares of the Company as may be applicable, subject to necessary provisions and approvals.

The stock was trading at Rs.126.75, up by Rs.0.95 or 0.76%. The stock hit an intraday high of Rs.129 and low of Rs.124.20. The total traded quantity was 152529 compared to 2 week average of 171984.

Source : Equity Bulls

Keywords