Idea Cellular rises after RBI allows FII limit hike
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Idea Cellular is trading higher by over 1% at Rs 137 in otherwise weak market, after the Reserve Bank of India (RBI) announced that foreign institutional investors (FIIs) can now purchase up to 49% stake in telecom operator. The FII limit in the company was 24% earlier.
“FIIs, through primary market and stock exchanges, can now purchase up to 49% of the paid-up capital of Idea Cellular Limited under the Portfolio Investment Scheme (PIS),” the RBI said in release on Friday.
The decision to increase the FII limit in the company has come after passage of resolution at the board of directors' level and a special resolution by the shareholders for enhancing the limit from 24% to 49%, the Central Bank said.
The stock opened at Rs 137 and touched a high of Rs 139 on NSE. A combined 1.1 million shares changed hands on the counter till 0945 hours on NSE and BSE.
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