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RCOM pays $1.18bn to exchange Foreign Currency Convertible Bonds

India’s one of the most popular telecommunication companies, Reliance Communication paid $ 1.18 billion in order to redeem the Foreign Currency Convertible Bonds. The redemption amount is inclusive of the premium of 27.69%.

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Reliance Communications

 The Anil Ambani Group recently signed agreements with three Chinese Banks to refinance its debts. The refinancing agreement has been signed with Industrial and Commercial Bank of China Ltd ( ICBC), China Development Bank Corporation (CDB) and Export Import Bank of China (EXIM).

Shares of the company were trading at Rs. 94.10 in the late afternoon trade, down 0.16% from its previous close on the BSE. “RCom has made payment of USD 1,182 million (Rs 5,825 crore at the USD exchange rate of Rs 49.30) to make the largest-ever redemption of all the FCCBs from the USD 1,000 million issued in February, 2007 and due on March, 1, 2012,” RCOM said in a statement released by the company.

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