Telecos Bharti Airtel

Bharti Airtel on Friday said it will allot 38.6 lakh equity shares to certain FCCB holders at a conversion price of Rs 518 per equity share. This follows receipt of notice for conversion of FCCBs (Foreign Currency Convertible Bonds) of principal value of USD 27,795,000 from the FCCBs holders. Accordingly, it said, the paid-up equity share capital of the company has increased. The telco's committee of directors for fundraising approved the allotment of shares to these FCCB holders on Thursday, according to a regulatory filing. "...upon receipt of notices for conversion of FCCBs of principal value of USD 27,795,000 from certain FCCBs holder(s), the Special Committee of Directors for Fund Raising has, today, that is on February 01, 2024, approved the allotment of 3,864,800 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 filing said. FCCB is a debt instrument to raise funds from overseas market. Such

Telecom companies were offered a four-year moratorium on their AGR dues spectrum dues up to FY17, in line with a Supreme Court order

Recently, SC had upheld the government's definition of adjusted gross revenue (AGR) and directed telecom operators to pay up the pending dues that could add up to an estimated Rs 1.33 trillion

While Vodafone Idea continued to show negative AGR growth (-6%) and Jio (9%) remained stable

The deal was made official in July this year when Bharti Airtel and Bharti Hexacom announced the merger of the consumer mobile businesses of TTSL and TTML with the two Bharti group firms

Idea Cellular was up 3% at Rs 89, while Bharti Airtel by 2% at Rs 348, against 0.25% decline Sensex