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BHARTI AIRTEL: Board Issues 1,214,307 Shares on FCCB Conversion

Troubled Company Reporter, May 17, 2007 

The Allotment Committee of Bharti Airtel Ltd's board of directors, during its meeting on May 15, 2007, issued 1,214,307 fully paid up equity shares of the company upon conversion of US$6,500,000 Foreign Currency Convertible Bonds.

With the allotment of the shares, the equity base of the company has increased from 1,895,934,157 to 1,897,148,464 equity shares of INR10 each.

Headquartered in New Delhi, India, Bharti Airtel Limited -- -- is a telecom services provider.  The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS), and Enterprise Services.  The Mobile Services business unit offers mobile services in all 23 telecom circles of India.  The B&TS business unit provides broadband and telephone services in 90 cities across India.  The Enterprise Services business unit has two sub-units: Carriers (long-distance services) and Corporates.  Through Enterprise Services-Carriers, Bharti Airtel provides national and international long-distance services.  The Enterprise Services- Corporates business unit provides integrated voice and data communications solutions to corporate customers and small and medium-size enterprises.

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The Troubled Company Reporter - Asia Pacific reported on June 28, 2006, that Fitch Ratings affirmed Bharti Airtel Limited's long-term foreign currency issuer default rating at BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the company's long-term local and foreign issuer credit ratings on BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still carries the rating.

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