Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to buy up to 49% stake in telecom operator Idea Cellular. The FII limit in the company was 24% earlier.
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%. FIIs held 19.51% share in the company as of quarter ended March 2014.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
| Company Name | CMP |
|---|---|
| Bharti Airtel | 1829.20 |
| Vodafone Idea | 11.22 |
| Indus Towers | 404.95 |
| Tata Communications | 1596.65 |
| Bharti Hexacom Ltd. | 1513.95 |
| View more.. | |
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