Anil Ambani-owned Reliance Communications has redeemed outstanding foreign currency convertible bonds (FCCBs) for $500 million.
In a statement to the Bombay Stock Exchange, the company said it has done the payment on May 09, 2011 in accordance with the terms of issue of $500 million zero coupon FCCBs which was issued in May, 2006.
The telecom service provider added that now 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.
On the stock exchange, the shares of Reliance Communications were trading at Rs 91.75, up 2.74% at IST 1156.
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