Bharti Airtel Enters Into Spectrum Agreement With VTL
Posted By: Religare
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Leading telecom company, Bharti Airtel Ltd has said that it has entered into a definitive agreement with Videocon Telecommunications Limited (VTL) to acquire, at an aggregate consideration of Rs. 44,280 mn, rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL by the Government of India.
"The spectrum was allocated for six circles, namely, Bihar; Haryana; Madhya Pradesh; UP (East); UP (West) and Gujarat (Transaction), in terms of the Guidelines for Trading of Access Spectrum by Access Service Providers vide letter dated October 12, 2015 issued by the WPC Wing of the DoT (Spectrum Trading Guidelines)," the company said in a filing to the Bombay Stock Exchange.
The aforesaid Spectrum is valid upto December 18, 2032.The closing of the transaction is subject to satisfaction of the standard conditions (including conditions stated in the Spectrum Trading Guidelines), as are normal to such transactions.
Meanwhile, shares of Bharti Airtel were trading at Rs 349.50 apiece, up 2.90 per cent from the previous close at 11:34 hours on BSE.
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