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Debt-riddden Reliance Communications has convened a meeting of the holders of its $300-million bonds on March 6 in London to seek approval for assets monetisation proposal.
The company, controlled by billionaire Anil Ambani, intends to make partial redemption of bonds at face value. The bonds are currently trading at 32-37 per cent discount and the bondholders are proposed to be treated at par with other secured lenders, the company said in a regulatory filing.
RCom has also proposed reduction of coupon rate and extended the maturity period by eight years to 2028 for the bonds remaining after redemption, it added.
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