Reliance Communications redeems FCCBs due 2011

In accordance with the terms of issue of US$ 500 million Zero Coupon Foreign Currency Convertible Bonds (FCCBs) issued in May, 2006, Reliance Communications Ltd has redeemed all outstanding FCCBs by making payment on due date i.e. May 09, 2011.

In view of above, the Company would not be required to allot 2,74,13,085 equity shares of Rs. 5 each arising out of conversion of the said FCCB's.

The stock was trading at Rs.91.45, up by Rs.2 or 2.24%. The stock hit an intraday high of Rs.92.90 and low of Rs.88.50.

The total traded quantity was 13.39 lakhs compared to 2 week average of 13.17 lakhs.

Source : Equity Bulls

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