After a few months of tough news for Bharti Airtel, yesterday evening, some good news came in for the company.
The company has received the approval from Department of Telecommunications (DoT) for increasing the limit of foreign investment upto 100% of the paid up capital.
This approval, together with the RBI approval dated July 03, 2014 granted to the company, allows the FPls/Flls to invest upto 74% of the paid up capital.
Unlike other sectors, telecom, along with defence, media, pharmaceuticals and insurance need prior Govt approval for FIIs seeking to invest.
This approval comes at the right time when the company is trying to raise funds to pay up over Rs.35,500 crore towards the AGR dues to the Govt.
Th stock has been hitting new highs consistently for the past few days and today too, it opened higher at Rs.515 and went on to hit a new high at Ra.524. Profit boking came in at this level and the stock price is now down in the red at Rs.509 levels.