RCom redeems $500 mn convertible bonds

MUMBAI, INDIA: Reliance Communications, which is India's second-biggest mobile carrier by subscribers, informed the Bombay Stock Exchange (BSE) on Tuesday that it has redeemed $500 million worth zero-coupon foreign currency convertible bonds issued in May 2006.

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In a regulatory statement RCom said that the company has redeemed all outstanding FCCBs by making payment on due date May 09, 2011. In view of above, the company would not be required to allot 2,74,13,085 equity shares of Rs. 5 each arising out of conversion of the said FCCBs, it added.