Valuation of top-10 firms plunges Rs 4,95,061 crore
This was in line with a bearish trend in equities, where Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion.
Bharti Airtel on Wednesday said it has paid Rs 8,312.4 crore to the Department of Telecom (DoT) towards dues for 5G spectrum acquired in the recently concluded 5G auctions.
Airtel said it has paid for four years of 2022 5G spectrum upfront.
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“This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow,” said Gopal Vittal, MD and CEO, Bharti Airtel.
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Airtel additionally approaches Rs 15,740.5 crore in capital from the right issue which is yet to be called.
“With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience,” Vittal added.
Throughout the past one year, Airtel has additionally cleared Rs 24,333.7 crore from its conceded spectrum liabilities much ahead of scheduled maturities.
.As per the Bharti Airtel, the upfront installment, coupled with the moratorium on spectrum dues and AGR-related payments for four years, will let loose future incomes and permit Airtel to commit assets to -mindedly concentrate on the 5G roll out.
The Indian government sold 5G spectrum worth over Red 1.50 lakh crore, led by Reliance Jio, Airtel, Vodafone Idea and a unit of Adani Group.
(inputs from IANS)
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