Reliance Communications redeems FCCBs

In accordance with the terms of issue of US$ 1,000 million Zero Coupon Foreign Currency Convertible Bonds (FCCBs) issued by Reliance Communications Ltd in February, 2007, the Company has paid US$ 1,182 Mn. (Rs. 5,825 crore at the US$ exchange rate of Rs. 49.30) and redeemed all the outstanding FCCBs of US$ 925.300 Mn. together with premium of 27.69%.

The Company would not be required to allot 6,17,25,849 equity shares of Rs. 5 each arising out of conversion of the said FCCB's.

The Reliance Communications Ltd stock was trading at Rs.95.35, up by Rs.0.95 or 1.01%. The stock hit an intraday high of Rs.96.60 and low of Rs.92.85.

The total traded quantity was 37.46 lakhs compared to 2 week average of 47.94 lakhs.

Source : Equity Bulls

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