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Bharti Airtel shares gained 6% in the morning on Tuesday. At 10: 52 AM, the shares were up by 3.7% at  ₹586.60. (MINT_PRINT)
Bharti Airtel shares gained 6% in the morning on Tuesday. At 10: 52 AM, the shares were up by 3.7% at 586.60. (MINT_PRINT)

Bharti Airtel receives approvals for downstream investments, shares gain

Airtel had received the approval from the DoT on January 20, 2020, for increasing the limit of foreign investment up to 100% of the paid-up capital of the company.

Bharti Airtel on Tuesday said pursuant to the FDI approval in January 2020 granted to it by the DoT, the company has received necessary approvals for its relevant downstream investments. The telecom operator further said it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.

"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 per cent with immediate effect," Airtel said in a BSE filing on Tuesday.

Bharti Airtel shares gained 6% in the morning on Tuesday. At 10: 52 AM, the shares were up by 3.7% at 586.60.

Airtel had received the approval from the DoT on January 20, 2020, for increasing the limit of foreign investment up to 100% of the paid-up capital of the company.

The approval received by subsidiary entities now would allow Airtel to have foreign investment up to 100%, without its downstream entities becoming non-compliant with any norms.

As on September 30, the company's promoters held 56.23% shares and 43.74% share was held by the public.

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