bharti airtel: Bharti Airtel approves allotment of 7.11 cr shares to Google at Rs 734 per share

on Thursday said its board has approved the allotment of 71,176,839 shares to Google on a preferential basis at Rs 734 a piece.

A special committee of directors for preferential allotment has approved the allotment to Google International LLC, following which Google will hold nearly 1.20 per cent of the total post-issue equity shares of the company and 1.17 per cent on fully-diluted basis.

With this, “The paid-up equity share capital of the company stands 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 (paid-up value Rs. 1.25 each),” the company said in a BSE filing.

The scrip, which hit a low of Rs 629.05 on BSE, recovered some lost ground and was trading at Rs 639.90, down 0.55 per cent.

Bharti

had in January said Google to invest up to $1 billion in a partnership with Airtel as part of its Google for India Digitization Fund. The deal includes investment of $700 million to acquire ownership in Airtel and up to $300 million toward potential multi-year commercial agreements.

As a part of the commercial agreement, Airtel and Google would work together to build on Airtel’s extensive offerings that cover a range of Android-enabled devices to consumers via innovative affordability programs, Bharti Airtel had said in January.

“Together, the companies will continue to explore further opportunities to bring down the barriers of owning a smartphone across a range of price points, in partnership with various device manufacturers,” Airtel had said in the January note.