Reliance Communications (RCOM) has issued a statement saying that it has paid $1.18 billion for the redemption of its outstanding FCCBs (Foreign Currency Convertible Bonds). The company has made the payment to the Principal Agent of FCCB Deutsche Bank AG, London Branch.
The statement said, “RCOM has made a payment of $1,182 million to make the largest-ever redemption of all the FCCBs from the $1,000 million issued in February, 2007 and due on March, 1, 2012.?
The company added that the redemption amount is inclusive of the 27.69 per cent premium.
The paid up equity capital of the company will remain unchanged after it redeems these FCCBs and accordingly, RCOM will not require to allot 61,725,849 equity shares of Rs 5 each arising out of the potential conversion of said FCCBs, the statement said.
