Reliance Communications it has fully repaid two loans amounting to $1 billion (around Rs 6,000 crore) during the quarter ended June 30.

The two syndicated ECB (external commercial borrowing) loan facilities of $500 million each were availed in 2007 from a clutch of foreign banks, RCom said in a media release

In addition, the Anil Ambani-controlled company has made scheduled repayments of another $207 million (Rs 1,200 crore) against other foreign currency loans. The repayments have been from the company’s rupee resources, it said.

“RCom’s foreign currency debt is steadily declining every year, and the interest outgo on such debt is fully covered by US dollar denominated earnings from the Reliance Globalcom business,” the statement added. As on March 31, 2013, RCom had a net debt of Rs 38,864 crore.

Reacting to the development, the RCom scrip was up by 12.15 per cent to close at Rs 132.95 on the National Stock Exchange today.

(This article was published on July 1, 2013)
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