Bharti Airtel shareholders have authorized the issuance of preferred shares to Google in exchange for its Rs 7,500 crore investment to purchase a 1.28 percent stake in the firm.
According to the voting results of an extraordinary general meeting (EGM) issued by Airtel on Sunday, Google’s investment was approved by nearly 99 percent of the shareholders.
The company’s EGM was held on February 26. Last month, Google announced a USD 1 billion (about Rs 7,500 crore) investment in Bharti Airtel, which includes both stock and a corpus for prospective commercial deals to be found and settled on mutually agreeable terms over the next five years.
