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Day 12 of FM Phase III: Mumbai reaches Rs 97 cr, bidding slows down

MUMBAI: At the close of the 12th day of bidding for the first batch of frequencies in the FM radio Phase III expansion, the bidding appears to have slowed down in many of the cities.

Though Delhi went up to Rs 156 crore (Rs 1.56 billion), it still received a single bid during the day. Similar was the case with Mumbai. Its provisional winning price reached Rs 97 crore (Rs 970 million) but the city saw the interest of only two players during the day.

Mumbai, however, is set to see a one per cent price increment applicable for the next clock round and will most probably cross the Rs 100 crore (Rs 1 billion) mark tomorrow. This could make it the third city after Delhi and Bengaluru to cross the Rs 100 crore of provisional winning price.

The e-auction of the first batch of channels saw 48 rounds of bidding completed at the end of Day 12.

During the day, four rounds of bidding took place and no channels were won provisionally. Eighty-seven channels in 56 cities were provisionally winning channels with cumulative provisional winning price of Rs 987 crore (Rs 9.87 billion) against their aggregate reserve price of about Rs 425 crore (Rs 4.25 billion).

Thus, the sum of provisional winning prices surpassed the cumulative reserve price of the corresponding 87 channels by Rs 562.19 crore (Rs 5.62 billion) or 132.3 per cent. Overall, the cumulative provisional winning price exceeded the total reserve price of the first batch, i.e. Rs 550.18 crore (Rs 5.5 billion), by Rs 436.89 crore (Rs 4.37 billion) or 79.4 per cent.

The auction for the first batch comprising 135 FM channels in 69 existing cities of Phase II began on 27 July 2015.