The decision follows passage of a special resolution at board of directors and shareholders to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.
Reserve Bank has allowed foreign investors to buy up to 49 percent of the paid up capital in Hero MotoCorp Ltd.
"...Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 percent of the paid up capital of Hero MotoCorp Ltd. (Earlier Hero Honda Motors Ltd.) under the Portfolio Investment Scheme," RBI said in a notification.
The decision follows passage of a special resolution at board of directors and shareholders to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.
As of quarter ended September 2014, FIIs held 34.34 percent in the company. RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. To effectively monitor the limit, RBI has fixed cut-off points two percentage points lower than the actual ceiling.
Shares of Hero MotoCorp closed 1.68 percent lower at Rs 3,034.80 per scrip on the BSE today.
Hero Motocorp stock price
On October 27, 2014, Hero Motocorp closed at Rs 3034.80, down Rs 51.9, or 1.68 percent. The 52-week high of the share was Rs 3144.00 and the 52-week low was Rs 1907.00.
The company's trailing 12-month (TTM) EPS was at Rs 120.45 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 25.2. The latest book value of the company is Rs 280.43 per share. At current value, the price-to-book value of the company is 10.82.
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