Bharti Airtel shares gained as much as 3 per cent on Monday at day’s high of Rs 364 after the telecom operator announced that it will decide on final dividend for FY16 or buyback of equity shares at its board meeting on April 27.

In FY2015, India’s biggest telecom operator paid a dividend of Rs 2.2 per share. The Street expects a dividend of Rs 2.2 per share for FY16 as well.

However, brokerage Morgan Stanley believes that due to high debt levels it will be difficult for Bharti Airtel to roll out a share repurchase programme of significant size.As on December 2015, Bharti Airtel’s net debt stood at Rs 78,800 crore.

As on March 2016, public shareholding in Bharti Airtel stood at 33.21 per cent while promoters held 66.74 per cent of the company.

As on 10.30 a.m., shares of Bharti Airtel were trading 2.45 per cent higher at Rs 362, outperforming the broad market indicator Sensex that was trading 0.56 per cent lower.