IDFC back in reckoning
IDFC is doing very well today morning, figuring amongst the top gainers of the day currently. Up over 5% at Rs.97, the stock had hit an intra day high at Rs.98.90. Over Rs.12 crore worth of stocks have changed hands since morning. After the incessant selling last monthg when the stock hit a new low at Rs.76.25, the bounce back is healthy.
The stock has zoomed up after RBI lifted the restrictions placed on FIIs on purchasing shares of IDFC as the foreign shareholding in the company has gone below the prescribed limit. FIIs are allowed to hold up to 54% in IDFC and as at 30th June 2013, the FII holding came down to 52.19%.
RBI has stated in its notification that foreign holdings in IDFC by FIIs/NRIs/PIOs/FDI/ADRs/GDRsunder the Portfolio Investment Scheme (PIS) have gone below the prescribed threshold limit stipulated under the extant FDI Policy and thus restrictions have been withdrawn with immediate effect.