Ril Advances Redemption Of Debentures

Reliance Industries has announced its decision to advance the redemption of its debenture series `J and `K, according to a notice issued to the Bombay Stock Exchange (BSE) yesterday.

The company has, following approval from the trustees for the debenture holders, proposed to redeem these debentures on September 30 1997 with a book closure date announced from August 23, 1997 to September 2, 1997.

RIL had issued 87.40 lakh, 14 per cent secured redeemable NCDs of Rs 150 each aggregating Rs 131.60 crore (series J) and 2.65 crore, 17.5 per cent secured redeemable NCDs of Rs 100 each aggregating Rs 265.5 crore (series K) in 1991, inter-alia to part finance the cracker project of the company.

 

The company, sources say, is at liberty to advance or postpone the date of redemption of the principal amount of debentures subject to approval from the trustees. For the debenture holders.

A sum of Rs 125.78 crore on debenture series J and Rs 263.77 crore on debenture series K are outstanding as on June 30, 1997. The debenture series `J & `K are redeemable on the expiry of a 10-year period with a date of allotment of February 26, 2002 with an option before the board to redeem the same at a seven year period.