Reliance Communication Ventures Limited raises $500 million through foreign currency convertible bonds

Reliance Communication Ventures Limited (RCoVL) has raised $500 million through foreign currency convertible bonds (FCCBs). The FCCBs have been raised at a premium of 50 per cent over the closing price of RCoVL shares on March 21, 2006 with a conversion price of Rs 480.68. The zero coupon FCCBs have a maturity period of five years and one day with a yield to maturity of 4.65 per cent per annum. The FCCBs are expected to be listed on the Singapore Stock Exchange. If the FCCBs are fully converted to equity, the share capital of the company would increase by approximately 46.2 million equity shares, which would represent around 2 per cent of the fully diluted equity share capital of the company.