Bharti Airtel Ltd on has closed the $1 billion investment deal with Google International LLC, with the search giant holding 1.2% in India’s No. 2 telecom service provider.

The Sunil Mittal promoted company has allotted preferential shares amounting to over Rs. 5,224 crore to Google while the remaining $300 million will be invested through commercial agreements over the next five years.

“The ‘special committee of directors for preferential allotment’ of the company has 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 (including a premium of Rs. 729 per equity share)," the carrier said in a note to BSE .