Airtel approves allotment of shares to Google

15 Jul 2022

The directors of Indian telecoms group Bharti Airtel have approved the issue of equity shares to US tech giant Google on a preferential basis, through which the latter will acquire a 1.2% stake in the company. In a regulatory filing Airtel said it had greenlit the allotment of 71.176 million equity shares of a face value of INR5 (USD0.06), at an issue price of INR734 (including a premium of INR729 per equity share) – equating to a total investment of INR52.2 billion. Following the issue Google will hold around 1.2% of Airtel’s shares. The Economic Times notes that Google had announced in January this year that it was planning an investment of up to USD1 billion in Bharti Airtel, with USD700 million of that to acquire a 1.2% stake whilst the remaining USD300 million would be spent over a five-year period on commercial pacts to make 4G-enabled handsets more affordable and to jointly develop 5G use cases.

India, Bharti Airtel, Google (Alphabet)