Bharti Airtel prepays ₹8,325 crore to clear deferred liabilities for 2015 spectrum acquisition

  • Bharti Airtel had won spectrum worth 29,129.08 crore at the auctions that were held in March 2015.

Livemint
First Published23 Jan 2024
Shares of Bharti Airtel closed at  <span class='webrupee'>₹</span>1,157.10, up 2.97%, on the NSE on Tuesday.
Shares of Bharti Airtel closed at ₹1,157.10, up 2.97%, on the NSE on Tuesday.(REUTERS)

Bharti Airtel on Tuesday said it has prepaid 8,325 crore to the telecom department towards part prepayment of the deferred liabilities pertaining to spectrum acquired at the 2015 auction.

The telecom company had won the spectrum worth 29,129.08 crore at the auctions that were held in March 2015. It had paid 11,374.7 crore, while the upfront amount due was 7,832.20 crore.

Sunil Mittal-led Bharti Airtel “has prepaid Rs. 8,325 crores to the Department of Telecom (Government of India) towards part prepayment of the deferred liabilities pertaining to spectrum acquired in auction of year 2015 which were at an interest cost of 10%,” the telecom company said in a stock exchange filing.

Shares of Bharti Airtel closed at 1,157.10, up 2.97%, on the NSE on Tuesday.

According to TRAI data, Airtel's wireless subscriber gain of 3.52 lakh pushed up the telco's user tally to 37.81 crore in October2023.

On January 8, Bharti Airtel had said that it received a notice from the telecom department for an alleged violation of subscriber verification norms, entailing a penalty of 3.57 lakh.

The telecom operator said that the notice pertains to Bihar LSA and was received on January 8, 2024.

“We submit the details of notice received by the company from the Department of Telecommunications,” Airtel said, informing about the “notice imposing a penalty of 3,57,000 for alleged violation of subscriber verification norms.”

The company said that the notice pertained to an alleged violation of terms and conditions with respect to subscriber verification norms under the licence agreement, pursuant to a sample customer application form (CAF) audit conducted by the telecom department for September 2023.

Bharti Airtel arm Bharti Hexacom has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO). 

The IPO will be completely offer-for-sale of up to 10 crore equity shares by its existing shareholders.

(With inputs from agencies)

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeIndustryTelecomBharti Airtel prepays ₹8,325 crore to clear deferred liabilities for 2015 spectrum acquisition

Most Active Stocks

Bharat Electronics

300.95
10:29 AM | 13 JUN 2024
10.4 (3.58%)

Tata Steel

182.50
10:29 AM | 13 JUN 2024
0.25 (0.14%)

GAIL India

219.75
10:28 AM | 13 JUN 2024
2.8 (1.29%)

Zee Entertainment Enterprises

164.95
10:22 AM | 13 JUN 2024
-1.9 (-1.14%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Usha Martin

414.40
10:23 AM | 13 JUN 2024
36.25 (9.59%)

Aegis Logis

839.60
10:26 AM | 13 JUN 2024
73.15 (9.54%)

Elgi Equipments

655.00
09:59 AM | 13 JUN 2024
51.25 (8.49%)

Praj Industries

685.85
10:20 AM | 13 JUN 2024
51.55 (8.13%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,441.00-219.00
    Chennai
    73,370.00139.00
    Delhi
    73,155.00353.00
    Kolkata
    72,797.00-577.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsloanPremiumGet App