Bharti Airtel to issue 7.1 crore preferential shares to Google at $734 each
Bharti Airtel announced today that its board of directors approved the preferential issuance of
UP TO 7.1 CRORE EQUITY SHARES OF THE COMPANY TO GOOGLE INTERNATIONAL
LLC AT A PRICE OF $734 PER EQUITY SHARE.GOOGLE'S GOOGLE FOR INDIA DIGITIZATION FUND
WILL INVEST UP TO $1 BILLION IN AIRTEL. THE DEAL INCLUDES $700 MILLION
FOR A 1.28 PERCENT STAKE IN AIRTEL AND UP TO $300 MILLION FOR COMMERCIAL AGREEMENTS.
"Google intends to invest up to $1 billion as part of its Google for India Digitization Fund, which
INCLUDES EQUITY INVESTMENT AS WELL AS A CORPUS FOR POTENTIAL COMMERCIAL AGREEMENTS,"
AIRTEL SAID.GOOGLE WILL INVEST $700 MILLION IN BHARTI AIRTEL AT A PRICE OF $734 PER SHARE,
AND UP TO $300 MILLION IN COMMERCIAL AGREEMENTS, WHICH WILL INCLUDE INVESTMENTS IN SCALING AIRTEL'S OFFERINGS.