Reliance Jio Infocomm Ltd ("RJIL") announced today that it has entered into a definitive Agreement with Bharti Airtel Limited for acquisition of right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading.
The trading agreement is in accordance with the Spectrum Trading Guidelines issued by the Department of Telecommunications and is subject to the requisite regulatory and statutory approvals. The aggregate value for the right to use this spectrum is Rs. 1,497 crores, inclusive of present value of associated deferred payment liablity of Rs. 459 crores, subject to any transaction related adjustments.
With this trading of right to use spectrum, RJIL will have 2X15MHz of spectrum in the 800MHz band in Mumbai circle and 2X10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles, thereby further consolidating its spectrum footprint in these circles. With the enhanced spectrum footprint, especially contiguous spectrum, and superior infrastructure deployed, RJIL has further increased its network capacity.
The transaction is subject to the requisite regulatory and statutory approvals.
Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1983.65 as compared to the previous close of Rs. 1992.8. The total number of shares traded during the day was 337567 in over 22602 trades.
The stock hit an intraday high of Rs. 2005 and intraday low of 1970. The net turnover during the day was Rs. 669851394.