Reliance Communications Board reaffirms interest in Hutchinson Essar Ltd

Reliance Communications Ltd has announced that the Board of Directors of the Company at its meeting held on January 10, 2007, inter alia, has decided the following:

1. The Board reaffirmed its interest in the potential opportunity relating to the business of Hutchison Essar Ltd (HEL). The Board authorised Shri. Anil D Ambani, the Chairman to take all necessary steps for this purpose, including raising long term resources in the form of External Commercial Borrowings (ECB) etc; as may be appropriate. The Board noted that there is no certainty either on the completion, or the timing, of the said proposal.

2. The Board also approved Issuance of Foreign Currency Convertible Bonds (FCCBs) in the International markets, in one or more tranches, upto US$ 1 Billion or equivalent thereof, at a premium to the market price of the equity shares of the Company.

3. To Implement the Employee Stock Option Scheme (ESOS) as approved by the Members of the Company through Postal Ballot, the results whereof were declared on January 08, 2007 and constitution of ESOS Compensation Committee consisting of Independent Directors of the Company for administering the ESOS.

The above decisions of the Board are subject to all necessary permissions, sanctions and approvals as may be required.

Source : Equity Bulls

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