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Bharti Airtel Ltd. has paid Rs 8,312.5 crore to the telecom department toward dues for spectrum acquired in the recently concluded 5G auctions.
The carrier has paid four years of 2022 spectrum dues upfront, it said in an exchange filing. The payment, along with moratorium on spectrum dues and adjusted gross revenue related payments for four years, will free up future cash flows for 5G rollout.
In the recently concluded 5G spectrum auctions, Bharti Airtel purchased 19,867 MHz in the 900 MHz, 1,800 MHz, 2,100 MHz, 3,300 MHz and 26 GHz bands for total Rs 43,084 crore.
Over the last one year, the company has cleared Rs 24,333.7 crore of its deferred spectrum liabilities ahead of schedule.
“This upfront payment of four years allows us to drive 5G rollout in a concerted manner given our operating free cash flow,” Gopal Vittal, chief executive officer at Bharti Airtel, was quoted as saying in the filing. “Airtel also has access to Rs 15,740.5 crore in capital from the rights issue which is yet to be called.”
Shares of the company were trading 1.4% higher as of 11:15 a.m. on Wednesday.
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Image and article originally from www.bqprime.com. Read the original article here.