Videocon Industries Shares Jump Nearly 10% on Spectrum Deal with Idea

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• Shares of Videocon Industries climbed nearly 10
  per cent today after Idea Cellular signed a pact
  with Videocon Telecommunications to buy its
  airwaves in Gujarat and Uttar Pradesh West for Rs
  3,310 crore. The scrip zoomed 9.82 per cent to Rs
  143.10 on BSE. On NSE, it rallied 9.36 per cent
  to Rs 143. Videocon Telecommunications is the
  subsidiary of Videocon Industries. Stock markets
  were closed yesterday for a local holiday

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• In a first spectrum trade deal in India, Idea
  Cellular on Tuesday signed a pact with Videocon
  Telecommunications to buy its airwaves in Gujarat
  and Uttar Pradesh West for Rs 3,310 crore. Idea
  said it intends to use this spectrum for the
  launch of 4G services in these areas next
  year. Along with the right to use spectrum, Idea
  will also be taking over the outstanding
  liability of Videocon, which it has to pay to the
  government for these sets of airwaves.

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• Idea Cellular in a statement had said it has
  entered into an agreement with Videocon
  Telecommunications Limited (Seller) for acquiring
  right to use spectrum, pursuant to the DoT
  Guidelines for Trading of Access Spectrum by
  Access Service Providers (Guidelines) dated
  October 12, 2015, for the telecom service areas
  of Gujarat and Uttar Pradesh (West). Videocon
  had acquired spectrum in 1,800 Mhz band, known as
  2G spectrum, in these two service areas for a
  total of Rs 1,329 crore in November 2012 and made
  upfront payment of Rs 438.57 crore to the
  government.

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• For More Information http//www.videocontelecom.c
  om