Shares of Bharti Airtel hit a record high of Rs 524 intraday on January 22 after the Department of Telecom approved raising foreign direct investment in the company to 100 percent from 49 percent allowed earlier.
The stock has been one of the biggest gainers among largecaps in last one year, rising 80 percent. It closed at Rs 514.95, up 0.7 percent on the BSE.
The telecom operator also has the approval of the Reserve Bank of India (RBI) that allowed foreign investors to hold up to 74 percent stake in the company.
“Bharti Airtel 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 percent of the paid-up capital of the company,” the company said in its BSE filing on January 21.
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).
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