According to ICRA, the results of telecom spectrum auctions have surpassed initial estimates as it grossed over Rs 778 billion.

That said, ICRA has pointed out that while the value of sales was just 19 per cent of the value of total spectrum on offer, the debt levels of the industry are expected to rise further post the auctions. Further, the agency noted that the debt protection metrics would continue to remain weak despite improvement in operating metrics.

ICRA has also highlighted that while there was no interest in the 700 MHz band in this spectrum auction too, 2100 MHz band also witnessed muted participation.