Reliance Jio concludes spectrum trading agreement with Bharti Airtel

Reliance Jio Infocomm Ltd ("RJIL") has concluded the definitive Agreement entered with Bharti Airtel Limited for acquisition of right to use spectrum in the 800MHz band in Andhra Pradesh (2 x 3.75 MHz), Delhi (2 x 1.25 MHz) and Mumbai (2 x 2.5 MHz) circles through spectrum trading, which has been taken on record by DOT.

RJIL has paid total consideration of Rs 1,183.3 crores (inclusive of taxes) to Bharti Airtel and has assumed deferred payment liability with net present value of Rs 469.3 crores.

With this trading of right to use spectrum, RJIL will have 800 MHz band spectrum footprint of 2 x 15MHz in Mumbai circle and 2 x 10 MHz each in Andhra Pradesh and Delhi circles, thereby further enhancing network experience of its customers.

Shares of Reliance Industries Ltd was last trading in BSE at Rs. 2144.75 as compared to the previous close of Rs. 2110.25. The total number of shares traded during the day was 208107 in over 9694 trades.

The stock hit an intraday high of Rs. 2149.8 and intraday low of 2110.15. The net turnover during the day was Rs. 443554673.

Shares of Bharti Airtel Ltd. was last trading in BSE at Rs. 637.05 as compared to the previous close of Rs. 623.25. The total number of shares traded during the day was 1077201 in over 18545 trades.

The stock hit an intraday high of Rs. 638.6 and intraday low of 618.15. The net turnover during the day was Rs. 679536950.

Source : Equity Bulls

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