Bharti Airtel’s board of directors has cleared the issue of equity shares to Google International LLC on a preferential basis. The move follows Google’s purchase of a 1.2 per cent stake in Airtel for $700 million in January 2022.
In a filing with the Bombay Stock Exchange, the telco stated that a 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 Rs 5 each, fully paid up, on preferential basis to Google at an issue price of Rs 734 per equity share, including a premium of Rs 729 per share.
According to the company, Google would hold 1.2 per cent of the total post-issue equity shares of the company. Post the allotment, Airtel’s paid-up share capital has 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.
