Airtel allocates equity worth Rs 71 crore to foreign debt bond holders

Bharti Airtel on Friday said it has approved the allotment of equity worth $8.6 million, about Rs 71 crore, to those holding its foreign debt bonds issued in January 2020

Bharti Airtel on Friday said it has approved the allotment of equity worth USD 8.6 million, about Rs 71 crore, to those holding its foreign debt bonds issued in January 2020.

The company had issued USD 1-billion 1.5 per cent foreign currency convertible bonds (FCCBs) that are due for 2025.

"We wish to submit that upon receipt of notice for conversion of FCCBs of principle value of USD 8,600,000 from certain holders of FCCBs, the Special Committee of Directors for Fund Raising has...on December 09, 2022, approved the allotment of 1,188,917 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 521 per equity share to such holders of FCCBs," Bharti Airtel said in a regulatory filing.

With this allotment, the company said that the outstanding principal value of FCCBs, as listed at Singapore Exchange Limited, stands reduced to USD 991.20 million.