REL to raise funds through FCCBs, board meets on December 12
Anil Ambani group firm Reliance Energy Ltd's Board of Directors will meet next week to consider raising funds through a convertible bond issue priced higher than the prevailing market price.
By PTI |
MUMBAI: Anil Ambani group firm Reliance Energy Ltd on Tuesday said its Board of Directors will meet next week to consider raising funds through a convertible bond issue priced higher than the prevailing market price.
The Board will meet on December 12 to discuss an enabling resolution for issuing Foreign Currency Convertible Bonds (FCCBs) at a premium to the current market price in appropriate tranches and at appropriate time to mobilise resources, REL informed the Bombay Stock Exchange.
The company also said it had earlier issued zero coupon FCCBs of 178 million dollars convertible into equity shares of Rs 10 each at a price of Rs 1,006.92. While bonds of 147.497 million dollars have already been converted into shares, the company has issued notices to bondholders to convert the remaining part of 30.561 million dollars into equity shares.
The conversion falls due on January 4, 2008, at the end of which the entire outstanding FCCBs will stand extinguished.
REL's plan to raise funds through FCCBs comes within days of its Board deciding to infuse up to Rs 8,000 crore in the company through equity or equity-related instruments. The company is raising funds for various infrastructure projects.
The Board will meet on December 12 to discuss an enabling resolution for issuing Foreign Currency Convertible Bonds (FCCBs) at a premium to the current market price in appropriate tranches and at appropriate time to mobilise resources, REL informed the Bombay Stock Exchange.
The company also said it had earlier issued zero coupon FCCBs of 178 million dollars convertible into equity shares of Rs 10 each at a price of Rs 1,006.92. While bonds of 147.497 million dollars have already been converted into shares, the company has issued notices to bondholders to convert the remaining part of 30.561 million dollars into equity shares.
The conversion falls due on January 4, 2008, at the end of which the entire outstanding FCCBs will stand extinguished.
REL's plan to raise funds through FCCBs comes within days of its Board deciding to infuse up to Rs 8,000 crore in the company through equity or equity-related instruments. The company is raising funds for various infrastructure projects.
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