Reliance Communication raises $ 500 mn via FCCBs

Mumbai, Mar 22 (UNI) Anil Ambani-controlled Reliance Communication Ventures today said it has raised USD 500 millions from the international market through the issue of 500,000 Foreign Currency Convertible Bonds (FCCBs) of 1,000 dollars each.

Expected to be listed on the Singapore Stock Exchange, FCCB will have a tenure of five years and one day, RCoVL informed the Bombay Stock Exchange.

The bonds have a conversion price of Rs 480.68 per share, representing a premium of 50 per cent to the closing price of the shares on the BSE yesterday. FCCB will give a yield of 4.65 per cent per year on maturity.

If the FCCBs are fully converted into equity, the equity share capital of the company would increase by about 4.62 crore shares of Rs 5 each, an RCoVL release said.

The company has entered into a subscription agreement with Deutsche Bank, the sole bookrunner, subject to necessary approvals.

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