Reliance Jio Infocomm, Bharti Airtel Ltd and Vodafone Idea Ltd participated in the auction of the spectrum on Monday. Bidding has taken place for spectrum in 800 MHz, 900 MHz, 1800 MHz, 2100 MHz and 2300 MHz bands. The participants did not bid in 700 MHz and 2500 MHz bands.

The value of the spectrum for which there are provisional winning bids is Rs. 77,146 crore. This has already substantially exceeded pre-bid estimates of Rs. 45,000 crore.

A total of 2308.80 MHz spectrum is being put to auction, out of which there have been bids for 849.20 MHz so far.

Spectrum which will be assigned to the successful bidders is valid for 20 years. The auction will conclude today.

In 700 MHz, 800 MHz, and 900 MHz bands, bidders are required to pay 25 percent of the final bid amount as upfront payment. In the rest of the bands, bidders are required to make payment of 50 percent of final bid amount upfront. The balance amount (after upfront payment) will be payable in 16 equated annual installments after a moratorium of 2 years. The auction will resume tomorrow morning and is expected to conclude the same day.

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