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Reliance Energy plans FCCB issue

Mumbai, Dec 4

Reliance Energy plans to go in for an FCCB issue to raise additional resources. The board of Reliance Energy Ltd will be meeting on December 12 to consider the proposal to issue fresh foreign currency convertible bonds, the company has informed the stock exchanges. The FCCBs would be issued at a premium to the prevailing market price in appropriate tranches, as a part of the resource mobilisation plans of the company, the BSE notice said. Earlier, REL had issued zero coupon FCCBs of $178 million convertible into equity shares of Rs 10 each at a conversion price of Rs 1,006.92, of which $147.497 million have already been converted into equity shares, and the balance $30.561 million have to be converted by January 4, 2008, the notice said. - Our Bureau

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