Reliance Communications gains on raising $300 million

Shares of Reliance Communications were up nearly 2% at Rs 62.50 after the company annuonced that it has raised $300 million from overseas investors.

The Senior Secured Notes with a tenure of 5 1/2 years due in 2020 carry a coupon rate of 6.5% per annum, payable semi annually. The Notes will be listed on the Singapore Stock Exchange, the company said in a release.

The stock opened at Rs 61.65 and touched a high of Rs 63.15. At 11:30AM, over 2.2 million shares were traded on both the stock exchanges.