Bharti Infratel rallies nearly 3% as RBI raises FII cap to 49%

NEW DELHI: Bharti Infratel Ltd rallied as much as 2.89 per cent in trade on Thursday, after the Reserve Bank allowed foreign investors to invest up to 49 per cent of paid up capital of Bharti Infratel Ltd under portfolio investment scheme (PIS).

At 10:00 a.m.; Bharti Infratel was trading 1.3 per cent higher at Rs 369.45. It hit a low of Rs 368.50 and a high of Rs 375.20 in trade today.

"Foreign Institutional Investors ( FIIs)/Registered Foreign Portfolios Investors ( RFPIs) can now invest up to 49 per cent of the paid up capital of Bharti Infratel under Portfolio Investment Scheme (PIS)," RBI said in a notification.

The decision follows passage of special resolution by shareholders and board of directors of Bharti Infratel to enhance the limit for purchase of its equity shares and convertible debentures by FIIs/RFPIs.