Bharti Airtel has approved the allotment of equity worth $5.1 million to holders of its foreign currency convertible bonds (FCCBs) issued in January 2020 at Rs 521 per share.

Airtel had issued $1 billion FCCBs at 1.5 per cent in January 2020, due in 2025. The bonds were convertible into the company’s fully paid-up equity shares of Rs 5 each before February 2025 at the option of FCCB holders.

In an exchange filing, Airtel informed that upon receipt of notice for conversion of FCCBs of principal value of $5.1 million from certain FCCB holders, the special committee of directors for fund raising has approved the allotment of 706,161 fully paid-up equity shares of face value Rs 5 each at a conversion prove of Rs 521 per equity share. With this allotment, the company said that the outstanding principal value of FCCBs as listed on Singapore Exchange Limited stands reduced to $908.59 million.