Reliance Communications has completed its $1 billion foreign currency convertible bond (FCCB) offering in the international mar ket, slated to be the country’s largest zero coupon FCCB offering till date.

Reliance Communications has completed its $1 billion foreign currency convertible bond (FCCB) offering in the international market, slated to be the country’s largest zero coupon FCCB offering till date. The instrument has a tenor of five years at a conversion price of Rs 661 per share. This represents a premium of 30 per cent over the prevailing market price. The offering was oversubscribed three or four times within two hours of the launch.