Reliance Communications has redeemed outstanding foreign currency convertible bonds (FCCBs) for $500 million.
In a statement to the Bombay Stock Exchange, the company said it has completed the payment on May 09, 2011 in accordance with the terms of issue of $500 million zero coupon FCCBs which was issued in May, 2006.
The operator added that now 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 FCCBs.
