RCom gets Rs 1,780 cr as second tranche from Chinese bank

Our Bureau Updated - May 12, 2011 at 10:12 PM.

Anil Ambani-controlled Reliance Communications said on Thursday that it has drawn a second tranche of Rs 1,780 crore ($400 million) from the Rs 8,700-crore ($1.93 billion) loan facility it secured from China Development Bank.

The company will use these funds for refinancing of 3G spectrum fees.

RCom had paid Rs 8585 crore for securing licences to offer 3G services in 13 circles.

The line of credit from the China Development Bank includes Rs 6,000 crore towards refinancing of 3G spectrum paid by R-Com and Rs 2,700 crore for equipment imports from Chinese vendors.

The RCom scrip was down by 0.27 per cent to close at Rs 91.3 on the Bombay Stock Exchange today.

Published on May 12, 2011 16:42