Reliance Communications allots 27,72,443 Equity Shares on conversion of FCCBs

Reliance Communications Ltd has announced that the Board of Directors of the Company has, pursuant to requests received from the holders of Zero Coupon Foreign Currency Convertible Bonds (FCCBs) of US$ 1,000 each and Zero Coupon Foreign Currency Convertible Bonds (FCCBs) of US$ 1,00,000 each, allotted on October 31, 2007, 27,72,443 equity shares of Rs 5 each as follows:

(1) 6,67,090 equity shares of Rs 5 each at a pre determined premium of Rs 656.23 per share on conversion of 100 FCCBs of US $1,00,000 each.

(2) 21,05,353 equity shares of Rs 5 each at a pre determined premium of Rs 475.68 per share on conversion of 22806 FCCBS of US $1,000 each.

The allotted equity shares as aforesaid shall rank pari passu in all respect with the existing equity shares of the Company and shall be entitled for full dividend, if declared for the financial year 2007-08. Consequent upon the said allotment, the paid-up capital of the Company stands increased to 205,21,91,361 fully paid-up equity shares of Rs 5 each.

Source : Equity Bulls

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