Bharti Airtel stocks hit 52-week high
Shares of Bharti Airtel were the top gainers on BSE and NSE in early trade on Wednesday. The development comes after the government had allowed 100 per cent FDI investment in the telecom major. With this, the shares of Bharti Airtel rose to 2.47 per cent to hit a fresh 52-week high of Rs 524 on BSE. The Department of Telecom (DoT) had on Tuesday approved raising of foreign direct investment in Bharti Airtel to 100 per cent from 49 per cent allowed earlier, a stock exchange filing of the company had said.
The company also has the approval of the Reserve Bank of India (RBI) that allowed foreign investors to hold up to 74 per cent stake in the company.
"Bharti Airtel Limited has received the approval from the Department of Telecommunications (DoT) vide its letter dated January 20, 2020, for increasing the limit of foreign investment up to 100 per cent of the paid-up capital of the company," the filing said.
The approval comes few days before the company has to clear statutory liabilities of up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is spectrum dues (excluding the dues of Telenor and Tata Teleservices).
"...the aforesaid approval read together with the RBI approval dated July 3, 2014 granted to the company allows the FPIs/FIIs to invest upto 74 per cent of the paid up capital of the company," it said.
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