Reliance Com ties-up $1.18 bn fund for FCCBs

According to the latest news from the business sector of India, Reliance Communications Ltd. (R-Com), the major mobile telephony company of the Anil Ambani-headed Reliance Group, has recently announced a tied up foreign debt to refund the redemption of outstanding foreign currency convertible bonds (FCCB) issued by the firm.

In a statement issued by the company during the stock exchange filing, it announced that the company had managed to gain around $1.18 billion from Industrial and Commercial Bank of China, China Development Bank and Export Import Bank of China and few more lenders to refund the FCCBs that are due for redemption on 1 March.

As per the statement issued by the company, it is said, “R-Com will benefit from extended loan maturity of seven years and attractive interest cost of about 5 percent.”

Meanwhile, the above statement was issued by the company during the stock exchange filing.

On the other hand, the stock jumped 3.1 percent to Rs. 89.15 at 12:28 pm local time, outperforming the 1.5 percent growth in the benchmark Sensex.

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