Through a regulatory filing, India's second largest telecom firm Airtel has informed that it will allot 8,350,073 shares worth Rs 5 each, for foreign currency convertible bonds worth more than $60 million.
The debt instruments were part of FCCB bonds worth $1000 million, which were issued in 2020, and are convertible till February 2025. The conversion price for each equity share allotted to the bond holders was Rs 521.
FCCBs are issued by Indian firms in foreign currency, and the interest as well as principal is payable on them in that currency. They are used for raising funds from overseas investors.
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