Shares of Bharti Airtel on Wednesday closed over 2 per cent higher after the company said it has received approvals for relevant downstream investments post FDI nod from the Department of Telecommunications.
Bharti Airtel further said it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 per cent with immediate effect.
The stock, which jumped 6.37 per cent to Rs 601.80 during the day on the BSE, later closed at Rs 578.25, a gain of 2.21 per cent.
On the NSE, it gained 1.86 per cent to close at Rs 576.30.
In traded volume terms, 30.64 lakh shares were traded at the BSE and 8.36 crore units on the NSE during the day.
"Further to our intimation dated January 21, 2020, we wish to inform you that in compliance with the FDI 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 per cent with immediate effect," Bharti Airtel said in a regulatory filing on Tuesday.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks