MUMBAI: In a significant move, India’s No 2 telecom operator Bharti Airtel will issue 7.11 crore shares to Google on a preferential basis at Rs 734 a share aggregating Rs 5224.3 crore. Apart from this, the tech giant will invest 300 mn USD in Bharti Airtel towards implementing commercial agreements.
The deal is subject to regulatory approvals.
Airtel and Google will work together to build on Airtel’s offerings that cover a range of Android enabled devices to consumers via innovative affordability programmes.
The stock hit a high of Rs 752.8 at market opening. Since it had run-up in anticipation, the stock witnessed profit booking and traded around Rs 709 shortly after.
Google is also invested in Reliance Jio.