Bharti Airtel Ltd announced on Thursday that it has entered into the billion dollar investment deal with Google International LLC, the search giant that owns 1.2% of India’s second-largest telecom service provider.

The promoted company Sunil Mittal awarded preferred shares for an amount of more than 5,224 crores to Google while the remaining $300 million will be invested through commercial deals over the next five years.

“The ‘special committee of directors for the preferential allocation’ of the company has approved the allocation of 71,176,839 shares of the par value of 5 each fully paid, preferentially to Google International LLC (Google) at an issue price of 734 per share (including a premium of 729 per share),” the carrier said in a memo to ESB on Thursday.

As a result, Google will own approximately 1.2% of the company’s total post-issuance shares, or approximately 1.17% on a fully diluted basis. The announcement follows approval from the Competition Commission of India last week.

Google announced in January that it would invest up to $1 billion in Airtel through a 1.28% stake for $700 million and a $300 million business deal on mutual terms over the next five years. coming years.

This investment follows Google’s $4.5 billion investment in Reliance Jio in July 2020, both from the Google for India Digitization Fund.

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