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Published 22:59 IST, April 29th 2024

Bharti Airtel issues shares worth Rs 246 crore to FCCB holders

This move reflects Bharti Airtel's strategy to manage its financial obligations.

Reported by: Business Desk
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Bharti Airtel | Image: Airtel
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Bharti Airtel, in a recent regulatory filing, disclosed that it has allocated equity shares valued at approximately Rs 246 crore to foreign debt bondholders set to mature in February 2025. This move follows the issuance of $1,000 million 1.50 per cent convertible bonds due in 2025 back in January 2020, which could be converted into the company's fully-paid up equity shares.

The Bharti Airtel stated, "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."

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This move reflects Bharti Airtel's strategy to manage its financial obligations and strengthen its equity position, providing a clear pathway for bondholders to convert their holdings into company shares. Such initiatives contribute to the company's financial flexibility and its ability to meet future obligations effectively.

(With PTI inputs) 

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22:59 IST, April 29th 2024