Telecom major Bharti Airtel on July 14 announced the completion of a $1-billion investment deal with Google International LLC, a wholly-owned subsidiary of Google LLC, following the announcement made in late January this year.

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"A special committee of directors for preferential allotment of the company, has at its meeting on July 14 approved allotment of 71,176,839 equity shares of the face value of Rs 5 each, fully paid-up, on preferential basis to Google International LLC, at an issue price of Rs 734 an equity share (including a premium of Rs 729 a share)," Airtel said in a filing to exchanges.

The paid-up equity share capital of the company will stand increased to "Rs 28,306,517,827.50 divided into 5,563,231,650 fully paid-up equity shares of Rs 5 each and 392,287,662 partly-paid-up equity shares of Rs 5 each", the company said.

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Google had said in January this year that it will invest up to $1 billion in Bharti Airtel through an equity purchase of 1.28 percent for $700 million and a commercial agreement of $300 million on mutual terms over the next five years.

Out of the total investment, $300 million will go towards implementing commercial agreements, which will include investments in scaling Airtel's offerings that cover a range of devices to consumers via innovative affordability programmes as well as other offerings aimed at accelerating access and digital inclusion across India's digital ecosystem.

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The Bharti Airtel board has approved the issuance of up to 71,176,839 equity shares of the face value of Rs 5 each of the company to Google International LLC on a preferential basis at a price of Rs 734 per equity share aggregating to Rs 5,224.3 crore (around $700 million).

Shares of Bharti Airtel ended at Rs 642.00, up by Rs 1.45, or 0.23%, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 14, 2022 7:04 PM IST