Share price of telecom service provider Bharti Airtel rose on Thursday after the company made an advance payment for 5G spectrum purchase.
Shares of Bharti Airtel closed 1.59 per cent higher at Rs 733.25 on the BSE on Thursday. The stock touched an intra-day high of Rs 735.70.
The share price of Bharti Airtel has risen 4.5 per cent in the last two trading sessions.
Shares of the company rose after making advance payment for 5G spectrum. Bharti Airtel on Wednesday said it has paid Rs 8,312.4 crore to the Department of Telecommunications (Government of India) for spectrum dues it acquired in the recently concluded 5G auction.
Airtel has made advance payment of 4 years of 2022 spectrum dues. The company believes that the moratorium on spectrum dues and AGR-related payments for four years with this upfront payment will free up future cash flows and allow Airtel to dedicate resources to focus on the 5G rollout. Will give
During the last year, Airtel has paid Rs 24,333.7 crore of its deferred spectrum liabilities well ahead of the stipulated maturity period.
The government announced that spectrum has been allotted to the telecom operator within a few hours of making the payment.
Sunil Bharti Mittal, chairman, Bharti Enterprises, praised the government for the speedy 5G spectrum allocation. “No fuss, no follow up, no running around the corridors and no tall claims. It is the ease of working with all its glory. In my first experience of more than 30 years with DOT (Department of Telecom) ‘This is the first time! Business as it should be,’ Mr Mittal said in a statement.
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