FM radio broadcasters gain after submitting application for FM phase III e-auction

Three FM radio services providers rose by 1% to 2.24% at 12:45 IST on BSE after Ministry of Information and Broadcasting said 28 applications were received for e-auction of 135 private FM radio channels in 69 cities in first batch of FM Phase III.

Meanwhile, the BSE Sensex was up 128.88 points, or 0.46% to 28,104.74.

Among FM radio services providers, Sun TV Network (up 1.82%), H T Media (up 2.24%), Entertainment Network (India) (up 1%) gained. D B Corp fell 0.51%. Reliance Broadcast Network dropped declined 0.27%.

The Ministry of Information and Broadcasting, Government of India said yesterday, 30 March 2015, that it received total 28 applications by 27 March 2015, the last date of receipt of application, in connection with the e-auction of 135 private FM radio channels in 69 existing cities of Phase II in the first batch of Phase III e-auction.

The 28 applicants have cumulatively submitted earnest money deposit (EMD) of about Rs 316.91 crore. Mere receipt of applications by the Ministry does not confer the applicants any right or eligibility for participation in the upcoming auction. After scrutiny and subject to fulfillment of requirements as prescribed in the Notice Inviting Applications (NIA) dated 2 March, 2015, a list of pre-qualified bidders will be prepared, Ministry said.

The list of applicants for e-auction of first batch of private FM radio Phase-III channels among others include names of listed companies such as DB Corp, Reliance Broadcast Network, Entertainment Network (India), HT Media and Sun TV Network.

Jagran Prakashan had acquired Music broadcast Pvt ltd in December 2014. Music broadcast Pvt ltd is one of the applicants in the upcoming auction of FM radio channels.

In Phase III of FM licensing, smaller towns and cities will be opened up for FM radio. The roll out of the first batch of FM Radio Phase III auction will provide more channels to listeners with richer content in 69 existing cities.

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