Tech Mahindra gains; foreign ownership limit raised

Reuters

Reuters Market Eye - Shares in Tech Mahindra (TEML.NS) gain 1 percent after the Reserve Bank of India late on Friday raised the company's foreign ownership limit to 45 percent from 35 percent for equity shares and convertible debt.

The RBI did not provide an explanation but it regularly prevents foreign institutional investors from buying shares in companies if they are approaching the limit stipulated by regulations and will then re-adjust once foreign ownership falls below the prescribed level.

(Reporting by Abhishek Vishnoi)

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