RCOM receives RBI's approval for refinancing its FCCBs

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Reliance Communications (RCOM) has received RBI's approval for the refinancing being provided by ICBC, CDB and EXIM for redemption of its FCCBs (Foreign Currency Convertible Bonds).

The FCCBs of US$ 1,182 million (approximately Rs.5,825 crore at the prevailing US$ exchange rate of Rs. 49.30) will be redeemed on the due date of March 1, 2012.

RCOM will benefit from extended Loan Maturity of 7 years and attractive interest cost of about 5%. This is the largest refinancing in the history of FCCBs by any Indian corporate.

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