Bharti Airtel Concludes FCCB Conversion, Issuing Shares Worth Rs 246 Crore

Airtel issued $1 billion convertible bonds in 2020, due in 2025. Upon conversion by bondholders, Airtel allotted equity shares worth approximately Rs 246 crore. The convertible bonds issued on the Singapore Exchange have been reduced to $204.690 million. The conversion increased Airtel's equity share capital to Rs 28,858,453,702.50.

Bharti Airtel has allotted equity shares worth about Rs 246 crore to its foreign debt bond holders that are due for maturity in February 2025, according to a regulatory filing.

The company had issued USD 1,000 million 1.50 per cent convertible bonds due 2025 in January 2020 that were convertible into company's fully-paid up equity shares.

''We wish to submit that upon receipt of notices for conversion of FCCBs of principal value of USD 34,281,000 from certain FCCBs holder(s), the Special Committee of Directors for Fund Raising has, today i.e. on April 29, 2024, approved the allotment of 4,766,663 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 the regulatory filing. Following allotment of equity against the foreign currency convertible bond (FCCB) the outstanding principal value of FCCBs at Singapore Exchange has reduced to USD 204.690 million. ''Paid-up equity share capital of the company stands increased to Rs 28,858,453,702.50 divided into 5,673,618,825 fully paid-up equity shares of Rs 5 each and 392,287,662 partly paid-up equity shares of Rs 5 each, paid-up value Rs 1.25 each,'' the filing said.

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