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Day 13 of FM Phase III: Cumulative provisional winning price crosses Rs 1,000 cr

MUMBAI: At the close of Day 13 of the e-auction of the first batch of FM Phase III channels, the cumulative provisional winning price crossed Rs 1,000 crore (Rs 10 billion) after 52 rounds of bidding.

The day saw four more rounds of bidding, and although no new channels were won (with the number of provisionally winning channels in 56 cities standing at 87), the cumulative provisional winning price hit Rs 1,005 crore (Rs 10.05 billion) against their aggregate reserve price of about Rs 425 crore (Rs 4.25 billion).

Thus, the sum of the provisional winning prices surpassed the cumulative reserve price of the corresponding 87 channels by Rs 580.23 crore (Rs 5.8 billion) or 136.5 per cent. Overall, the cumulative provisional winning price exceeded the total reserve price of Rs 550.18 crore (Rs 5.5 billion) by Rs 455.08 crore (Rs 4.55 billion) or 82.7 per cent.

Delhi took the cake as the provisional winning price of its lone frequency touched Rs 162.5 crore (Rs 1.62 billion), which one bidder continued to eye.

The bidding for Mumbai inched towards Rs 98.9 crore (Rs 989 million) with interests from two players for its two frequencies.

Other cities like Chennai, Pune and Chandigarh saw no action during the day.

Thirteen cities continued to remain unsold even after 13 days of bidding, signifying no interest from the players.