Airtel board approves preferential allotment of shares to Google for 1.2 per cent stake

Bharti Airtel’s board of directors has cleared the issue of equity shares to Google International LLC on a preferential basis. The move follows Goog­le’s purchase of a 1.2 per cent stake in Airtel for $700 million in January 2022. In a filing with the Bombay Stock Exchange (BSE), the telco stated that a special committee of directors for preferential allotment of the company has approved the allotment of 71,176,839 equity shares of a face value of Rs 5 each, fully paid up, on a preferential basis to Google at an issue price of Rs 734 per equity share, including a premium of Rs 729 per share.