According to a July 14 regulatory filing, Telecom firm Bharti Airtel has approved a preferential allotment of 7.11 crore shares to US tech giant Google at an issue price of Rs 734 per share.

Airtel told the stock exchange that the decision had been approved by the “Special Committee on Priority Allocation of Directors” convened earlier in the day.

It said the committee approved “at an issue price of Rs 734 per share (including a premium of Rs 729 per share)”.
Airtel noted that due to the rights issue, Google would hold 1.2% of the company’s total post-issue share capital.
It further added that the company’s paid-up share capital will be increased to “Rs 28,306,517,827.50 divided into 5,563,231,650 fully paid shares of Rs 5 each and 392,287,662 partially paid shares of Rs 5 each”.

In January, Google announced a $700 million investment to acquire a 1.28% stake in Airtel at Rs 734 per share. The search engine giant said it would also invest an additional $300 million to sign multi-year commercial agreements, which include investments to make smartphones affordable across the price range and study specific 5G use cases in India to accelerate cloud adoption, particularly for SMEs.