Shares of Bharti Airtel gained around two per cent on Tuesday, March 2, after the communication service provider announced that it has acquired 355.45 MHz spectrum across Sub GHz, mid band, and 2300 MHz bands for a total amount of Rs 18,699 crores in the latest spectrum auction conducted by the government. Through the auction, Airtel has strengthened its mid band and capacity spectrum holdings that will help it provide better customer experience at the marginal capex. All of the spectrum will enable Airtel to deliver 5G services in the future. On Tuesday, Bharti Airtel opened on the BSE at Rs 542.95, touching an intraday high of Rs 543.95 and an intraday low of Rs 529.05, so far.
According to a statement released by the company, Airtel has now secured pan India foot print of Sub GHz spectrum that will help improve its deep indoor and in-building coverage across urban town.s In addition, the spectrum will also help improve its coverage in villages by offering better experience to an additional 90 million customers across the country.
"At the outset, we would like to thank the government for making abundant spectrum available for auctions. Airtel now has a solid spectrum portfolio that will enable it to continue delivering the best mobile broadband experience in India. We are most excited at bringing the power of Airtel services to an additional 90 million customers in India through the power of our Pan India Sub GHz footprint,'' said Gopal Vittal, MD and CEO (India & South Asia), Bharti Airtel.
The company said that despite the large amount of spectrum made available, the 700 MHz band bands did not receive any bid from the operators as it made no economic case for them based on the high reserve prices. The 700 MHz band coupled with the 3.5 GHz band has the potential to accelerate the country's progress to the top league of digitally enabled nations, according to Airtel.
As of 2:46 pm, shares of Bharti Airtel traded 1.25 per cent higher at Rs 538.95 on the BSE.