Investment- Google will invest up to $1 billion in a partnership with Airtel under its Google for India digitization fund.
The deal includes a $700 million investment to acquire a 1.28% stake in Airtel and up to $300 million for potential multi-year business deals.
Shares of Bharti Airtel rose 6% to Rs 752.80 on BSE in intraday trading on Friday.
After the company said its board had approved a fundraising of Rs 5,224 crore by issuing shares to Google on a preferential issue basis.
The telecommunications service provider will issue 71.18 million shares for Rs 734 per share.
Telecom major Bharti Airtel has informed that its board of directors at its meeting held today approved the issuance of up to 7.1 crore shares with a face value of ₹5/ – each of the company to Google International LLC on a preferential basis at ₹734/- per share.
As part of the partnership, Google intends to make a Investment up to $1 billion, as part of its Google for India digitization fund.
Which includes an equity investment as well as a body of commercial agreements potential, to be identified and agreed on mutually acceptable terms over time. over the next five years
As part of its first commercial agreement, Airtel and Google will work together to build on Airtel’s extensive offerings that cover a range of Android-enabled devices for consumers through innovative accessibility programs.
Shares of Bharti Airtel jumped more than 2% to ₹725 each on BSE in Friday’s opening bids. Last week, the company announced that the board would review and evaluate the proposal to issue shares through a preferential issue on Jan. 28.
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