Shares of Bharti Airtel jumped over 3 per cent on Monday amid reports that the telecom ministry has cleared the Rs 3,500 crore 4G spectrum trading deal between the service provider and Aircel.
The largest domestic telecom operator by revenue had entered an agreement with Aircel to acquire rights to use 4G spectrum of Aircel in eight telecom circles for Rs 3,500 crore.
These circles included Tamil Nadu, including Chennai, Bihar, Jammu and Kashmir, West Bengal, Assam, the North-East, Andhra Pradesh and Odisha.
“The spectrum trading deal between Bharti Airtel and Aircel was cleared by the telecom minister on July 4,” an official source told PTI. Following the development, the stock rose 3.47 per cent to hit a high of Rs 367.55 on BSE.
“Airtel was asked to surrender 1.2 Mhz spectrum in the Odisha circle for approval as it breached the spectrum cap limit (after taking into account Aircel’s spectrum). The company has surrendered 1.2 Mhz spectrum in 1800 Mhz before the deal was cleared,” the source told PTI.