The Hindu Business Line : Reliance Energy FCCB conversion

The Anil Ambani-controlled Reliance Energy has converted foreign currency convertible bonds (FCCBs) of $112.84 million (about Rs 507 crore) into equity shares during the last 30 days. The company now is looking for early conversion of the remaining bonds worth Rs 293 crore.

The company said, in a communication to the BSE, that in accordance with the terms of the outstanding zerocoupon FCCBs, it had issued notice for early conversion of these bonds, subject to necessary approvals.

The company had issued FCCBs of $178.05 million (Rs 800.18 crore). Out of this, bonds aggregating $112.84 million have been converted into equity shares at the conversion price of Rs 1,006.92 per share. The FCCBs now outstanding amount to $65.22 million (Rs 293.09 crore). Upon full conversion of the outstanding bonds, the net worth of the company will increase by Rs 800.18 crore to Rs 10,582 crore. Shares of Reliance Energy today closed at Rs 1,853.80 on the BSE, up by 1.92 per cent. - Our Bureau

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