Telecom major Reliance Communications on 16 February 2012 got the approval of the Reserve Bank of India (RBI) for the redemption of its outstanding foreign currency convertible bonds (FCCBs) worth $1.182 billion (Rs.5,825 cr.at $49.3).
The redemption, being provided by the Industrial and Commercial Bank of China (ICBC), the China Development Bank (CDB) and the Export Import Bank of China (EXIM), will take place on the due date of 1 March 2012.
This is the largest refinancing in the history of FCCBs by any Indian corporate and it is to be benefited from loan maturity of seven years and attractive interest cost of around 5 per cent.
Anil Dheerubhai Ambani led ADAG company was running under a heavy debt of Rs.36763 cr. at the end of the December quarter of fiscal year 2011-2012, up from Rs.31904 cr. year ago.
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