Telecom major Bharti Airtel on Tuesday said that it has received regulatory approval to raise foreign direct investment limit to 100 per cent in its downstream companies.
In a regulatory filing, the company said “… in compliance of the FOi approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the Company has received approvals for its relevant downstream investments.”
“Accordingly, the Company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect,” it added.
Shares of Bharti Airtel on the BSE closed at Rs 565.75 per share on Tuesday, higher by Rs 18.65, or 3.41 per cent, from its previous close.
Shares of Bharti Airtel on Wednesday zoomed 6.37 per cent to Rs 601.80 on the BSE after it made the announcement.
Similarly, at the NSE, it gained 6.35 per cent to Rs 601.70.