The auction of third generation high-speed mobile spectrum is in full swing on the third day today. <br/><br/>Several rounds of bidding have taken place. <br/><br/>Informed sources say that the total estimated value of the bids for the spectrum across the country on the first day reached around 12,000 crore rupees. <br/><br/>The auction started on last Friday. <br/><br/>The bids began at the base price set by the government 3,500 crore rupees for a pan-India slot of third generation (3G) spectrum. <br/><br/>As per the rules, the auctioneer raises the bid value in each round based on demand. <br/><br/>For a circle with three slots available and at least six bidders, the price increment will be 10%. <br/><br/>If there are five bidders for three slots, the bid increment will be 5% and if there are four bidders, it will be 1%. <br/><br/>There are a total of nine bidders for 3G mobile spectrum, with six of them seeking nationwide coverage. <br/><br/>Three to four slots per operating region are being auctioned. <br/><br/>The Indian government estimates that it will get around 35,000 crore rupees from the online auction, expected to take about two weeks to complete.<br/>