The Union Government on Wednesday approved proposal of Hathway Cable and Datacom for foreign direct investment (FDI) worth Rs 9.63 billion.

Earlier on Jul. 3, 2015, Foreign Investment Promotion Board (FIPB) in its 220th meeting recommended company's proposal to government for consideration.

Hathway Cable sought approval for increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49% of its issued and fully paid up share capital to 74%.

Shares of the company gained Rs 1.9, or 4.15%, to settle at Rs 47.65. The total volume of shares traded was 118,396 at the BSE (Wednesday).