BoB up as RBI lifts FII limit

Bank of Baroda is currently amongst the top five gainers on the BSE, up 3.5% at Rs.860.45, closer to its intra day high of Rs.863.50. The stock had closed yesterday at Rs.831.85.

The stock spiked up the moment it opened for trading, reacting the news that RBI yesterday, after market closure, announced lifting of ban imposed on FIIs to buy shares in the stock. RBI stated that aggregate share holdings by foreign institutional investors/registered foreign portfolio investors/Non-resident Indian/persons of Indian origin (PIOs) under PIS in Bank of Baroda have gone below the prescribed threshold caution limit. Thus restrictions placed on the purchase of shares of the Bank of Baroda are withdrawn with immediate effect. Equity shares of Bank of Baroda can now be purchased through primary market and stock exchanges.

As at 30th June 2014, FIIs stake in the PSU bank was at 16.95%.