Bharti Airtel said on Tuesday that it has approved the distribution of stock worth $5.1 million (about Rs 42 crore) to holders of its international debt bonds issued in January 2020 at a price of $521 per share.

Airtel issued $1 billion of 1.5% foreign currency convertible bonds (FCCBs) in January 2020, with a maturity date of 2025.

The bonds were convertible into the company's fully paid-up equity shares of 5 apiece at the option of the FCCB holders before February 2025.

On the BSE, Bharti Airtel shares finished 1.56% higher at 760.70.

"We wish to submit that upon receipt of notice for conversion of FCCBs of principle value of $5,108,000 from certain holders of FCCBs, the special committee of directors for fund raising has, today i.e. on April 04, 2023, approved the allotment of 706,161 fully paid-up equity shares of face value INR 5/- each at a conversion price of INR 521/- per equity share to such holders of FCCBs," Bharti Airtel said in an exchange filing.With this allotment, the company said that the outstanding principal value of FCCBs as listed at Singapore Exchange Limited stands reduced to $908.59 million.Airtel had previously allotted equity worth $8.6 million to the FCCB holders in December 2022, reducing its outstanding principal value to $991.2 million.

The FCCBs were issued in January 2020, a week before the deadline for the telecom operator to pay more than Rs 35,500 crore in statutory dues as adjusted gross revenues as a result of a Supreme Court ruling on the computation of adjusted gross revenue given in October 2019. (AGR).