Reliance Communications repurchases FCCB at a discount of 52.5%

Reliance Communications Ltd has announced that in terms of approval received from Reserve Bank of India, the Company has repurchased 250, Zero Coupon Foreign Currency Convertible Bonds (FCCBs) each of US $ 1,00,000 aggregating to Rs 121.22 crores approx. (US $ 25 Million) at a discount of 52.5% and has extinguished the same on December 29, 2008.

The stock was trading at Rs.228, up by Rs.15.15 or 7.12%. The stock hit an intraday high of Rs.229.35 and low of Rs.214.

The total traded quantity was 4628394 compared to 2 week average of 3584117.

Source : Equity Bulls

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