Shares of Bharti Airtel BSE 0.90 % closed 1.34 per cent higher 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 AirtelBSE 0.97 % 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