Bharti Airtel ("Airtel") today announced an agreement with Reliance Jio lnfocomm ("Jio") to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio. The agreement is subject to statutory approvals.
Through this agreement, Airtel will receive a consideration of Rs 1037.6 crores from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crores relating to the spectrum.
Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said: "The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from spectrum that was unutilised. This is aligned to our overall network strategy."
Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.532.1 as compared to the previous close of Rs. 528.2. The total number of shares traded during the day was 308285 in over 4567 trades.
The stock hit an intraday high of Rs. 537.55 and intraday low of 524.75. The net turnover during the day was Rs. 164252312.