Bharti Airtel Converts Foreign Debt Bonds Worth Rs 417 Crore To Equity
In January 2020, Airtel had raised $1,000 million through foreign currency convertible bonds.
Bharti Airtel Ltd. announced on Tuesday that it has converted foreign debt bonds worth Rs 417 crore, which were issued in January 2020, into equity.
In January 2020, Airtel had raised $1,000 million through foreign currency convertible bonds. These bonds were convertible into the company's fully-paid up equity shares of Rs 5 each. The conversion option was available to FCCB holders from Feb. 27, 2020, to the close of business hours on Feb. 7, 2025, as per a regulatory filing.
"We wish to submit that upon receipt of notices for conversion of FCCBs of principal value of $49.87 million from certain FCCBs holder(s), the Special Committee of Directors for Fund Raising has, today i.e. on June 11, 2024, approved the allotment of 6,934,266 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 518 per equity share to such holder(s) of FCCBs," the company shared.
The company said that with this transaction, the outstanding principal value of FCCBs listed on the Singapore Exchange Limited stands reduced to $80.60 million.
(With inputs from PTI)
