I and B Ministry gets Rs 263.97 crores as bid deposit for e-auction of FM Radio channels

New Delhi, Sept.22 (ANI): The Ministry of Information and Broadcasting has received a total Rs.263.97 crores as bid deposits from successful bidders for the e-auction of first batch of private FM radio Phase III channels.

Twenty-five percent of the successful bid amount for a channel was defined as its Bid Deposit in the Notice Inviting Applications (NIA) dated March 2, 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.

The ministry had notified the list of successful bidders of the first batch on September 16, 2015, comprising details of 14 successful bidders for 91 channels in 54 cities along with 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 October 1, 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 July 27, 2015, got over on September 9, 2015. (ANI)

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