Apollo Tyres' scrip gained 5.88 percent to Rs 208.60 on the BSE. At the NSE, it surged six percent to Rs 208.70.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 45 percent of the paid-up capital of Apollo Tyres Limited under the Portfolio Investment Scheme (PIS)," RBI had said in a notification on 1st October.

The tyre manufacturer had passed resolutions at the board level and a special resolution agreeing to enhance the limit from 40 percent to 45 percent for purchase of its equity shares and convertible debentures by FIIs/RFPIs.
Foreign Institutional Investors (FIIs), Registered Foreign Portfolios Investors (RFPIs), NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.

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