[1]Mumbai: The recent decision by the Reserve Bank of India to allow non-residents, who are controlling shareholders in Indian listed firms to buy additional stake from the market without prior approval from the Reserve Bank of India (RBI) has led to renewed interest in those companies where the foreign promoter ownership is more than 50 per cent, but less than the minimum permissible public shareholding of 75 per cent.
The shares of companies like Wyeth Ltd, Cummins, SKF India, Mphasis, Castrol, Merck and Kansai Nerolac among others put up an impressive show on the domestic bourses last week after the central bank notified the norms on September 6, 2013.
During the past five trading sessions, the stocks of these companies have rallied in the range of around four-seven per cent on the Bombay Stock Exchange.
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