Reliance Power redeems FCCBs worth $299.90 million

Reliance Power Ltd has redeemed the principal amount of US$ 299.90 Million corresponding to Rs. 1474.93 Crore due on the 4.928% Foreign Currency Convertible Bonds (FCCBS) on the due date for their redemption i.e. October 17, 2011.

In view of the above redemption, there has been no dilution in the Company's Equity Share Capital, which would have otherwise happened through the issue of 13,15,37,871 Equity shares of Rs. 10 each representing 4.48 % of the paid up share capital of the Company) to the Bondholders upon exercise of their rights to convert the Bonds into Equity shares of the Company.

The stock closed the day at Rs.86.80, up by Rs.0.30 or 0.35%. The stock hit an intraday high of Rs.87.85 and low of Rs.85.10.

The total traded quantity was 8.78 lakhs compared to 2 week average of 7.80 lakhs.

Source : Equity Bulls

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