Telecom operator Bharti Airtel has allotted over 7.1 crore equity shares to internet major Google for Rs 734 a piece. The allotment is part of Google’s commitment to invest USD 1 billion with Airtel, which included equity investment in the company worth USD 700 million, about Rs 5,224 crore. Google now holds a 1.2% stake in India’s 2 telecom service providers. The investment follows Google’s USD 4.5 billion investment in Reliance Jio in July 2020 for India Digitization Fund.
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Google made the investment as part of its USD 10-billion India Digitization Fund. Google will hold approximately 1.2 per cent of the total post-issue equity shares of the company– approximately 1.17 per cent on a fully-diluted basis. Google has also invested Rs 33,737 crore (about USD 4.5 billion) to buy a 7.73 per cent stake in Jio Platforms just a couple of days after it made an announcement about the India Digitization Fund.
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