Question
Recently which global tech firm had buys 1.2% stake in
Bharti Airtel for $700 million?Solution
Bharti Airtel approved allotment of 71 million shares to tech major Google at an issue price of Rs 734 per share. Google will hold 1.2% of total post-issue equity shares of the company. In January, Google had said that it will invest $1 billion in Bharti Airtel. Of this, $700 million (Rs 734 per share) will be for picking up 1.28% stake in the country’s second-largest telecom service provider, while the rest will be for multi-year plans related to devices and other programmes around digital inclusion. The deal with Bharti and earlier with Jio is part of Google’s India Digitization Fund through which it has committed to invest $10 billion over 5 to 7 years.
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