RBI lifts Idea Cellular stake limit for FIIs

The Reserve Bank of India (RBI) has approved raising the shareholding limit of foreign institutional investors (FIIs) in wireless provider Idea Cellular from 24% to 49%. The Hindu cites a statement from the RBI as saying: ‘FIIs, through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of Idea Cellular Ltd under the Portfolio Investment Scheme (PIS).’