I&B Ministry receives Rs 263.97 crore as bid deposit from successful bidders of e-auction of private FM Radio channels

 Ministry of Information and Broadcasting received total Rs 263.97 Crore as Bid Deposits from successful bidders (List given below) of e-auction of first batch of private FM radio Phase III channels.

25% of the successful bid amount for a channel was defined as its Bid Deposit in the Notice Inviting Applications (NIA) dated 2nd March, 2015. As per the stipulated payment methodology, the successful bidders had to pay the Bid Deposits for winning channels within five calendar days of notification of auction results. Ministry had notified the list of successful bidders of the first batch on 16th September, 2015, comprising details of 14 successful bidders for 91 channels in 54 cities alongwith winning prices and selected frequency spots.

The successful bidders will now have to pay the balance amount within 15 calendar days of the notification i.e. by 1st October, 2015. On receipt of full successful bid amount i.e. Non-refundable One Time Entry Fee (NOTEF) within the prescribed time, the Ministry will issue Letter of Intent to the bidders to enable them to complete further formalities.

It may be noted that the e-auction of the first batch of FM phase III comprising 135 channels in 69 cities, which commenced on 27th July 2015, got over on 9th September 2015.

Bid Deposit by Successful Bidders of e-Auction of First Batch of FM Ph-III   

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.