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Shares in India's Zee Entertainment Enterprises BSE 2.68 % gained 4 per cent after the Reserve Bank of India on Monday said foreign institutional investors can purchase up to 100 per cent of stake in the company, up from the earlier limit of 49 per cent. 

Shares in India's Zee Entertainment Enterprises gain 4 percent after the Reserve Bank of India on Monday said foreign institutional investors can purchase up to 100 percent of stake in the company, up from the earlier limit of 49 per cent.

The approval was based on the proposal approved by the board of directors of the company on May 22, 2013 and by the shareholders on July 25, 2013, the company said in a filing on Monday.

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