Reliance Communications (RCom) has got the approval of the Reserve Bank of India (RBI) for the refinancing being provided by the Industrial and Commercial Bank of China (ICBC), the China Development Bank (CDB) and the Export Import Bank of China (EXIM) for redemption of its outstanding foreign currency convertible bonds (FCCBs).
The outstanding FCCBs of $1.182 billion (Rs.5,825 crore at $49.3) will be redeemed on the due date of March 1. In a statement, RCom says this is the largest refinancing in the history of FCCBs by any Indian corporate and it will benefit from loan maturity of seven years and attractive interest cost of around 5 per cent.
The ADAG company had a debt of Rs.36,763 crore at the end of the December quarter, up from Rs.31,904 crore year ago, in its books.
Keywords: RCom refinancing