Reliance Comm buys back foreign bonds worth $25 mn
MUMBAI: Reliance Communications on Tuesday said it has repurchased bonds worth $25 million from the international market. In a statement to theBSE, RCom said it has bought back 250, zero coupon, foreign currency convertible bonds of $100,000 each at a discount of 52.5% to the conversion price.
The move is in line with Reserve Bank of India’s announcement allowing companies to buy back bonds from foreign markets. In the filing to the BSE, RCom said it had repurchased the bonds aggregating to Rs 121.22 crore and has extinguished the same on December 29.
RCOM had raised $1.5 billion through the FCCB route last year and a majority of this has not been converted. Shares of RCom rose 7.2% at Rs 228.20 in intra day trade on the BSE.
source: Economictimes
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