Reliance Communications repurchases US$24.7 million worth FCCBs

Reliance Communications Ltd has now announced with reference to the earlier annoucement dated April 15, 2009, regarding Repurchase of Foreign Currency Convertible Bonds (FCCB) 2012 through Tender Offer, that the Company has repurchased 247, Zero Coupon FCCBs each of US $ 1,00,000 aggregating Rs 125 crore approx. (US $ 24.7 Million) at a discount through Tender Offer. The repurchased FCCB's are expected to be extinguished shortly in terms of the Tender Offer.

The stock closed the day at Rs.207.55, down by Rs.16 or 7.16%. The stock hit an intraday high of Rs.225.50 and low of Rs.205.60.

The total traded quantity was 3854790 compared to 2 week average of 4156720.

Source : Equity Bulls

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