Telecom operator Bharti Airtel on Thursday said it has allotted over 7.1 crore equity shares to internet major Google for Rs 734 apiece.

The allotment is part of Google's commitment to invest $1 billion with Airtel, which included equity investment in the company worth $700 million, about Rs 5,224 crore, Airtel said in a regulatory filing.

"The special committee of directors for preferential allotment of the company has at its meeting held today i.e, July 14, 2022, approved the allotment of 71,176,839 equity shares of the face value of Rs 5 each fully paid up, on preferential basis to Google International LLC (Google) at an issue price of Rs 734 per equity share," Airtel said.

Google made the investment as part of its USD 10-billion India Digitization Fund.

Out of the total investment with Airtel, $300 million was earmarked for implementing commercial agreements, which include investments in scaling Airtel's offerings that cover a range of devices to consumers via innovative affordability programs as well as other offerings aimed at accelerating access and digital inclusion across India's digital ecosystem.

"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," the filing said.

Google has also invested Rs 33,737 crore (about $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.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)