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Airtel converts $49.87 million foreign debt bonds to equity

Bharti Airtel has converted $49.87 million worth of foreign debt bonds issued in January 2020 into equity.

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. PTI

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