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Bharti Airtel converts $49.87 mn worth of foreign debt bonds into equity

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

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Airtel had raised $1,000 million through foreign currency convertible bonds in January 2020.

Press Trust of India New Delhi

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Telecom operator Bharti Airtel has converted $49.87 million worth of foreign debt bonds issued in January 2020 into equity, the company said on Tuesday.
Airtel had raised $1,000 million through foreign currency convertible bonds in January 2020 that were convertible into the company's fully-paid up equity shares of Rs 5 each at any time on or after February 27, 2020, and up to the close of business hours on February 7, 2025, at the option of the FCCB holders.
 
"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," Airtel said in a regulatory filing.
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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 11 2024 | 10:15 PM IST

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