Bharti Airtel jumps 2% after Google buys 1.2% stake in Bharti Airtel for $700 million
Published On: Friday, July 15, 2022 | By: Team KnowMyStock
Shares of Bharti Airtel climbed nearly 2 percent on July 15 after the company said it is allotting 7.11 crore shares to Google on a preferential basis. The allotment is part of Google's commitment to invest $1 billion with Airtel, which included equity investment in the company worth $700 million, about Rs 5,224 crore, while the remaining $300 million will be invested through commercial agreements over the next five years, which include investments in scaling Airtel's offerings that cover a range of devices to consumers via innovative affordability programs. .“The ‘special committee of directors for preferential allotment of the company has approved the allotment of 71,176,839 equity shares of the face value of ₹5 each fully paid up, on a preferential basis to Google International LLC (Google) at an issue price of ₹734 per equity share (including a premium of ₹729 per equity share)," the carrier said in a note to BSE on Thursday.
Google will hold approximately 1.2 percent of the total post-issue equity shares of the company-- approximately 1.17 percent on a fully-diluted basis," the filing said
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