Bharti Airtel’s committee of directors has approved the allotment of 1.42 million fully paid-up equity shares at a conversion price of Rs 518 per equity share to certain foreign currency convertible bond (FCCB) holders. This followed the receipt of notice for conversion of FCCBs of principal value of $10,188,000 from the FCCB holders.
In a regulatory filing with the Bombay Stock Exchange, Airtel submitted that upon receipt of notice for conversion of FCCBs of principal value of $10,188,000 from certain FCCB holders, the special committee of directors for fundraising has approved the allotment of 1,416,607 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 518 per equity share to such holders of FCCBs.
Airtel informed in the filing that this is in reference to the $1,000 million 1.50 per cent convertible bonds due 2025 issued by the company vide circular dated January 14, 2020, 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 07, 2025, at the option of the FCCB holders. Following the special committee’s share allotment nod, the paid-up equity share capital of the company has increased.
Further, the company informed that the outstanding principal value of FCCBs, as listed at Singapore Exchange Limited, stands reduced to $577.506 million.