TC 1.1 Cr
L5 is a down level from l65. You should try for L6 at the minimum
Are you an IC or a people manager? How far is the path to 66? Promos at Google would take long, and if 66 isn't very far then Goog L6 will be the right level.
What's the TC offered? If it is over 30% or 40% more than your current pay, then you may consider Google's offer, IMO.
That's a downgrade, ask for L6 at least. L5 is not worth the pain.