The 3rd phase of e-auction of Frequency Modulation (FM) Radio has fetched around 395 crore rupees of the 1st day of auction. In this phase, 1st batch of 135 channels of 69 cities which are part of the private FM Radio Phase-3 expansion were auctioned.In all 26 bidders were allowed to participate in the auction.The bidding took place in Four rounds on the 1st day and as many as 78 Channels spread over 54 cities provisionally FM had won the bidding. It fetched cumulative price of around 395 crore against the aggregate reserve price of about 357 crore rupees. It should be noted that, the ongoing auction of 3-phase FM Radio Channels is a Simultaneous Multiple Round Ascending e-auction.It was conducted online from Auction Control Room No.404-B Wing, Shastri Bhawan in New Delhi.
FM Radio fetch around Rs 395 cr on first day auction
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