The Bharti Airtel telecommunications company has agreed to take preferences for 7.11 CRORE shares for the technological major based on Google, with the price of issuance of RS 734 per share, submission of regulations stated on July 14.

The decision was given a nod by the “Special Directors Committee for Preferential Allotment”, which met the previous day, Airtel told the stock exchange.

The Committee approved “Allotment 71,176,839 Equity shares from the nominal value of RS 5 respectively paid, based on preference to Google International LLC (Google) with RS 734 price per equity share (including RS 729 premium per equity share),” he said.

As a result of the allotment mentioned above, Google will hold 1.2 percent of the total post-issued equity shares, Airtel noted.

The equity share capital paid from the company will be established to increase to “RS 28,306,517,827.50 divided into 5,563,231,650 equity shares paid in full of each RS 5 and each, further added.

In January, Google announced an investment of $ 700 million to acquire 1.28 percent of shares in Airtel with a price of RS 734 per share. The search engine giant says it will also invest $ 300 million in multi-year commercial agreements,

which will include investment in making affordable smartphones in all price ranges and seeing cases of special use of India for 5G, to accelerate cloud adoption, especially for the small business and medium.

Bharti Airtel’s shares, at the time of writing this report, were traded at RS 642.10 in BSE and RS 641.65 in NSE, fell by 1.85 percent and 1.35 percent, compared to the closing of the previous day.