Wednesday, 20 August 2014

Just Dial gains after board nod for hiking FII limit

is trading 3% higher at Rs 1,781 after the company's board approved increasing the shareholding limit of foreign institutional investors in the company to 75% from 49%.

The board also approved acquisition of Just Dial Inc. from Just Dial Global Private Limited. subject to necessary approvals and authorizations as required under applicable law and also decided to explore business opportunities in global markets.

"The board decided to seek approval of shareholders for increasing the limit on aggregate shareholding of foreign institutional investors (FIIs)/foreign portfolio investors in the company from existing 49% to 75% of the paid-up equity share capital of the company," Just Dial said in a statement.

The stock opened at Rs 1,755 and hit a high of Rs 1,783 on BSE. A combined 47,063 shares changed hands on the counter in early morning deals on BSE and NSE.

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