Idea Cellular shares up nearly 4% on more FII room to up stake

Tags: News
Shares of Idea Cellular today rose nearly 4 per cent following a move that allows foreign institutional investors (FIIs) to now purchase up to 49 per cent stake from 24 per cent earlier in the telecom operator.

Idea's stock ended at Rs 141.05, up 3.68 per cent on the BSE. During the day, it surged 4.85 per cent to Rs 142.65.

At the NSE, the scrip gained 3.53 per cent to Rs 140.95.

In the previous trade, the telecom firm rose by nearly 1 per cent.

"Idea gained after the RBI raised the FII investment limit to 49 per cent," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.

The FII limit in the company was 24 per cent earlier.

"... FIIs, through primary market and stock exchanges, can now purchase up to 49 per cent of the paid up capital of Idea Cellular Limited under the Portfolio Investment Scheme (PIS)," the Reserve Bank of India (RBI) had said 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 per cent to 49 per cent.

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