FM auctions: Cumulative winning price crosses Rs 1000 crore

The cumulative provisional winning price in the e-auction of first batch of private FM radio Phase III crossed Rs 1000 crore on Wednesday, the Information and Broadcasting ministry said on Wednesday.

In a statement released here, the ministry said that four rounds of bidding took place on Wednesday.

At the end of the day, which is the 13th of the e-auctions," cumulative provisional winning price crossed Rs 1000 crore," the ministry said.

It added that till now, 52 rounds of bidding are over.

"At the close of the day, 87 channels in 56 cities became provisional winning channels with cumulative provisional winning price of Rs 1005 crore against their aggregate reserve price of about Rs 425 crore," the ministry said.

It added that the summation of provisional winning prices surpassed the cumulative reserve price of the corresponding 87 channels by Rs 580.23 crore or 136.5%.

Overall, cumulative provisional winning price exceeded the total reserve price of the first batch that is Rs 550.18 crore by Rs 455.08 crore or 82.7%, the ministry added.