Shares of Bharti Airtel on Friday rose by over 2 per cent after the Reserve Bank increased limit for overseas investors to buy shares in the company.
After a positive opening, the telecom major's scrip further gained 2.32 per cent to Rs 345.20 on the BSE.
On the NSE, the stock was up 2.44 per cent to Rs 345.20.
"The RBI has advised that foreign institutional investors/registered foreign portfolios investors can now invest up to 74 per cent of the paid up capital of Bharti Airtel Ltd under the portfolio
investment scheme," the central bank had said on Thursday.
The Reserve Bank of India said Airtel's board of directors and shareholders have passed resolutions agreeing to increase the limit on the purchase of its equity shares and convertible debentures by foreign institutional investors.
The purchases can be made through the primary market and through the stock exchanges.
The government last year allowed up to 100 per cent foreign shareholding in the telecom sector, increasing it from a cap of 74 per cent earlier.
FIIs held 16.39 per cent of Bharti Airtel's shares as of March 31, according to data on the BSE website.
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