Shares in Hathway Cables surged after the Reserve Bank of India (RBI) removed restrictions with regards to banned investments for Foreign Institutional Investors (FIIs).
Hathway Data and Cable was last trading at Rs 43.80, up 9 per cent over Wednesday's close.
"The Reserve Bank has, with immediate effect, withdrawn the restrictions placed on the purchase of shares of Hathway Cable & Datacom Limited stating that the company has passed necessary resolutions at the level of its Board of Directors and shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs," the RBI said in a release.
The Reserve Bank has notified this under Foreign Exchange Management Act (FEMA) 1999.
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