Big news has come out about Bharti Airtel. In fact, on Thursday, the Airtel Board of India, taking an important decision, has approved the giving of its 71,176,839 shares to Google. Google has been priced at Rs 734 per share from Airtel. This share allotment will be done on a preliminary basis. A Special Committee of Directors for Allotment has approved the allotment to Google International LLC. Bharti Airtel said that, once this allotment is approved, Google will hold 1.2 per cent of the company’s total post-issue equity shares.
With this, ‘the paid-up equity share capital of the company has increased to Rs 28,306,517,827.50, divided into fully paid-up equity shares of Rs 5,563,231,650.
After the company’s decision, the stock, which hit a low of Rs 629.05 on the BSE, regained some of the lost ground and was trading at Rs 639.90, down 0.55 per cent.
Bharti Airtel said in January this year that Google would invest up to $1 billion in partnership with Airtel as part of its Google for India Digitization Fund. The deal includes an investment of $700 million to acquire ownership in Airtel and up to $300 million toward potential multi-year commercial agreements.
Along with this, Bharti Airtel also said that as a part of the commercial agreement, Airtel and Google will work together to build Airtel’s comprehensive offerings.