Airtel jumps on clearance of Rs 3,500 cr 4G spectrum deal with Aircel

Shares of Bharti Airtel settled the day 1.39 per cent up on Monday trade after the Telecom Ministry cleared the Rs 3,500-crore 4G spectrum trading deal between service providers Bharti Airtel and Aircel.

The Stock added as much as 3.47 per cent to Rs 367.35 but settled the day 1.39 per cent up on BSE.

The largest domestic telecomn operator has entered into 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.

"Airtel was asked to surrender 1.2 Mhz spectrum in 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.