Bharti Airtel to raise its foreign investment limit; Stock jumps 6% so far today

Telecom service provider, Bharti Airtel has received approval for raising its foreign investment limit. The company has already begun the process to revise its FDI limit. On Sensex, Bharti Airtel jumped to an intraday high of Rs601.80 per piece in early deals, resulting in at least 6.4% gains so far today.

In its regulatory filing, Bharti Airtel said, further to our intimation dated January 21 , 2020, we wish to inform you that in compliance of 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% with immediate effect," Bharti Airtel said on Tuesday.

At present, FIIs hold 17.57% stake in Bharti Airtel while the promoter entity holds 56.23%. Whereas, Mutual funds, insurance companies and others own 26.2% stake

At around 10.37 pm, Bharti Airtel stock has corrected and is trading at Rs572.50 per piece up 1.19% on Sensex.