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ICICI Securities Report
Spectrum auction concludes on day 2 with six rounds. Operators have collectively bought 855.6 megahertz of spectrum with payout of Rs 778 billion.
Bharti Airtel Ltd. has bought 355.5MHz spectrum with total payout of Rs 187 billion (upfront payment of Rs 70 billion).
It has completed pan-India sub-gigahertz spectrum holding. It has also bought 900MHz spectrum in four circles where spectrum will be up for renewal in CY24.
It has significantly added mid-band spectrum in Karnataka and Tamil Nadu, and has bought more 2,300MHz in circles where prices were reasonable.
Though spectrum investment is higher than our estimate for Airtel, the investment has been at most prudent.
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