Google would be granted privileged access to 7.11 billion shares, according to Bharti Airtel

14 Jul 2022 , 03:23 PM

According to a legal document made by the telecom giant on July 14, Bharti Airtel has authorized the preferential issuance of 7.11 crore shares to Google at an issue price of Rs734 per share. Bharti Airtel told the stock markets that the “Special Committee of Directors for Preferential Allotment,” which convened earlier in the day, approved the move.

At an issue price of Rs734 per equity share (including a premium of Rs729 per equity share), the committee authorized the “allotment of 71,176,839 equity shares of the face value of Rs5 each fully paid up, on preferential basis to Google International LLC (Google).”

According to the aforementioned allocation, Google will control 1.2% of the company’s total post-issue equity shares, according to Bharti Airtel.

It went on to say that the company’s paid-up equity share capital would rise to Rs28,306,517,827.50, which would be divided into 5,563,231,650 fully paid-up equity shares and 392,287,662 partially paid-up equity shares, each worth Rs5.