Bharti Airtel allots 1.2% equity shares to Google for Rs 5,224 crore – Times of India

New Delhi: Telecom Operators Bharti Airtel On Thursday, it said it has allotted over 71 million equity shares to internet major Google for Rs 734.
The allocation is part of Google’s commitment to invest $1 billion with Airtel, which includes an equity investment of $700 million in the company, about Rs 5,224 crore, Airtel said in a regulatory filing.
“The Special Committee of Directors for Preferential Allotment of the Company, in its meeting held today i.e. July 14, 2022, has approved the allotment of 71,176,839 Equity Shares of face value of Rs.5 on a preferential basis to Google International LLC (Google ) at an issue price of Rs 734 per equity share,” Airtel said.
Google made the investment as part of its $10 billion India Digitization Fund.
Of the total investment with Airtel, $300 million was earmarked for implementing commercial agreements, including investments in expanding Airtel’s offerings, including innovative affordability programs, as well as providing devices to consumers through other offerings. Includes a series aimed at accelerating reach and digital inclusion across India. digital ecosystem.
“Google will hold approximately 1.2 percent — approximately 1.17 percent — of the company’s total post-issue equity shares on a fully diluted basis,” the filing said.
Google has invested Rs 33,737 crore (about $4.5 billion) to buy a 7.73 per cent stake in Jio Platforms, just days after it announced about the India Digitization Fund.