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Shares of Bharti Airtel on Wednesday zoomed over 6% 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% with immediate effect.
The stock jumped 6.37% to ₹ 601.80 on the BSE.
At the NSE, it gained 6.35% to ₹ 601.70.
“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% with immediate effect,” Bharti Airtel said in a regulatory filing on Tuesday.
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