Description
SUBSTITUTE is a text function in Excel, use it to replace one or more characters from a text string. Having four arguments, first three are mandatory and last one is optional. First one is text from which you want to replace the character(s). Second is old_text, the text you want to replace, then new_text, the text by which you want the replace. Last is instance_num, you can specify which occurrence of old_text you want to replace, if omitted all occurrence of old_text will be replaced with new_text. Use it if you know the text to be replaced, but not sure about position of the text.
Syntax
SUBSTITUTE(text, old_text, new_text, [instance_num])
Example

- SUBSTITUTE Excel function replaces the text string with new text string as specified
- SUBSTITUTE replaces all instances of old text if last argument is missing
- SUBSTITUTE is case sensitive; hence, not replaced anything
- SUBSTITUTE replaces only first instance of the text as specified in last argument
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