New Delhi, Telecom operator Bharti Airtel has converted foreign debt bonds worth US$49.87 million issued in January 2020 into equity, the company said on Tuesday.
Airtel had raised US$1,000 million in January 2020 through foreign currency convertible bonds, which were convertible into fully-paid equity shares of the company at Rs 5 each on or after February 27, 2020, and during business hours. Until closing February 7, 2025, at the option of FCCB holders.
“We wish to submit that on receipt of notice from certain FCCB holders for conversion of FCCBs of principal value of US$ 49.87 million, the Special Committee of Directors to raise funds has approved the allotment today i.e. June 11, 2024 6,934,266 fully paid equity shares of face value Rs 5 will be offered to such holders of FCCBs at a conversion price of Rs 518 per equity share, Airtel said in a regulatory filing.
With this transaction, the outstanding principal value of FCCBs listed on the Singapore Exchange has reduced to US$80.60 million, the company said.
Airtel had raised US$1,000 million in January 2020 through foreign currency convertible bonds, which were convertible into fully-paid equity shares of the company at Rs 5 each on or after February 27, 2020, and during business hours. Until closing February 7, 2025, at the option of FCCB holders.
“We wish to submit that on receipt of notice from certain FCCB holders for conversion of FCCBs of principal value of US$ 49.87 million, the Special Committee of Directors to raise funds has approved the allotment today i.e. June 11, 2024 6,934,266 fully paid equity shares of face value Rs 5 will be offered to such holders of FCCBs at a conversion price of Rs 518 per equity share, Airtel said in a regulatory filing.
With this transaction, the outstanding principal value of FCCBs listed on the Singapore Exchange has reduced to US$80.60 million, the company said.
