The Ministry of Information & Broadcasting on Tuesday said it had received Rs 263.97 crore as bid deposits from successful bidders of the e-auction of the first batch of private FM radio phase-III channels.
Successful bidders had to deposit 25 per cent of the successful bid amount for a channel as bid deposits within five days of notification of the auction results. The Government had earlier notified winners of 14 successful bidders for 91 channels in 54 cities. It did not reveal the results of bids by Sun TV, Kal Radio, and South Asia FM in compliance with the orders of the Madras High Court.
“The successful bidders will now have to pay the balance amount within 15 calendar days of the notification i.e. by October 1. On receipt of the full successful bid amount i.e. non-refundable one time entry fee (NOTEF) within the prescribed time, the Ministry will issue a Letter of Intent to the bidders to enable them to complete further formalities,” the Ministry said in a statement.
At the close of the e-auction, 97 channels in 56 cities became provisional winning channels with a cumulative provisional winning price of about Rs 1,156.9 crore.