Reliance Energy to raise Rs 5000 Crores through FCCB Issue

Reliance Energy Ltd has announced that pursuant to conversion of the earlier series of its outstanding FCCBs, the Board of Directors of the Company at its adjourned meeting held on December 13, 2007 passed an enabling resolution approving in principle the issuance of Foreign Currency Convertible Bonds (FCCBs) in the international market, for an amount not exceeding Rs 5,000 crore, in such tranches and at such times, as may be decided by the Board from time to time, subject to relevant guidelines and approvals.

The stock was trading at Rs.1921.90, up by Rs.10.40 or 0.54%. The stock hit an intraday high of Rs.1939.95 and low of Rs.1913.

The total traded quantity was 121488 compared to 2 week average of 951783.

Source : Equity Bulls

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