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Day 9 of FM Phase III: Cumulative provisional winning price crosses Rs 900 cr

MUMBAI: At the close of the ninth day of bidding, two more channels were provisionally won, taking the total number of provisionally winning channels to 85 in 56 cities, with a cumulative provisional winning price of Rs 900 crore (Rs 9 billion). This is in relation to their aggregate reserve price of about Rs 407 crore (Rs 4.07 billion), which is more than double the respective aggregate reserve price.

The summation of provisional winning prices surpassed the cumulative reserve price of the corresponding 85 channels by Rs 493.19 crore (Rs 4.93 billion) or 121.2 per cent. Overall, cumulative provisional winning price exceeded the total reserve price of the first batch by Rs 349.89 crore (Rs 3.5 billion) or 63.6 per cent. The total reserve price of the first batch is Rs 550.18 crore (Rs 5.5 billion).

At the end of Day 9 of the e-auction of the first batch of private FM radio Phase III channels, 36 rounds of bidding were completed. Bengaluru crossed the Rs 100-crore (Rs 1 billion) mark to reach a provisional winning price of Rs 102 crore (Rs 1.02 billion) even though it saw no takers on the ninth day.

Despite receiving a single bid, Delhi continued to soar and touched Rs 138.6 crore (Rs 1.39 billion). Mumbai, meanwhile, slowed it down after hitting Rs 91.3 crore (Rs 913 million), with the fight for frequencies going on between two players.

The four rounds of bidding that took place during the day saw the demand for frequencies come down. Thirteen cities continued to see no action even after nine days.

Chennai received one bid during the day, thus taking its provisional winning price to Rs 40 crore (Rs 400 million). Chandigarh kept on gathering momentum as it got two bids during the day, which led its provisional winning price to Rs 16.9 crore (Rs 169 million).

Jaipur garnered the interest of three players for its lone frequency. The city’s provisional winning price reached Rs 19.1 crore (Rs 191 million).