Idea Cellular shares gain; RBI allows FII limit hike

Reuters Market Eye - Shares of Idea Cellular Ltd gain after the Reserve Bank of India allowed an increase in the foreign institutional investment limit for the company.

Foreign institutional investors, through primary market and stock exchanges, can now purchase up to 49 percent of the paid-up capital of Idea Cellular compared with the current 24 percent, the central bank said in a statement on Friday.

Idea Cellular shares up 1.6 percent to 137.40 rupees at 9:47 a.m.

(Reporting by Indulal PM)