Bharti Airtel on Friday announced the closure of its agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in three circles to Jio. Reacting to the development, Shares of Bharti Airtel hit a new record high of Rs 638.80, up 2.5 percent on the NSE in the intra-day trade on Friday.
Airtel said in a statement that it has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer. Further, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum. In April, Airtel had announced the agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio.
Gopal Vittal, MD & CEO, Bharti Airtel, had said in April: "The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from spectrum that was unutilized. This is aligned to our overall network strategy."