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Telecom services major, Reliance Communications, has received the Reserve Bank of India approval for refinancing for the redemption of its outstanding FCCBs (Foreign Currency Convertible Bonds) worth Rs 5,825 crore.
“RCom has received the RBI approval for refinancing being provided by ICBC, CDB and EXIM for the redemption of its outstanding FCCBs,” RCom said in a filing to the BSE today.
The outstanding FCCBs of $1,182 million (approximately Rs 5,825 crore at the prevailing US dollar exchange rate of Rs 49.30) will be redeemed on the due date of March 1, 2012, it added.
RCom will benefit from extended loan maturity of seven years and attractive interest cost of about five per cent, it said.
The refinancing is being funded by the Industrial and Commercial Bank of China (ICBC), China Development Bank (CDB) and Export Import Bank of China (EXIM).
FCCBs are bonds that are issued in currencies different from the issuing company’s domestic currency.
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