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Anil Ambani-controlled Reliance Communications said on Tuesday it has redeemed all the outstanding foreign currency convertible bonds, (FCCBs) from the $500 million (Rs 2,250 crore) issue in May 2006.
The bonds have been redeemed at a premium of 25.84 per cent, RCom said, without disclosing the total amount paid. The total payout for the pending FCCBs would have been around $373 million, analysts estimate.
Post the redemption of the FCCBs, the equity capital of the company stands unchanged, according to a press statement from the company.
Accordingly, Reliance Communications is not required to allot 2.74 crore shares of Rs 5 each arising out of the potential conversion of FCCBs, it said The company made the payment on the due date of May 9.
RCom has another outstanding FCCB of $925 million which expires in February 2012. As of December 31, RCom had a net debt of over Rs 30,000 crore
The company scrip was up 1.29 per cent to close at Rs 90.6 on the Bombay Stock Exchange today.
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