Bharti Airtel converts $49.87 mn worth of foreign debt bonds into equity

Telecom operator Bharti Airtel has converted $49.87 million worth of foreign debt bonds issued in January 2020 into equity, the company said on Tuesday.

Airtel had raised $1,000 million through foreign currency convertible bonds in January 2020 that were 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 7, 2025, at the option of the FCCB holders.

“We wish to submit that upon receipt of notices for conversion of FCCBs of principal value of $49.87 million from certain FCCBs holder(s), the Special Committee of Directors for Fund Raising has, today i.e. on June 11, 2024,