R-Comm may buy back $1 bn FCCB maturing 2012: Sources

Sources said Reliance Communications expects to buyback 15-20% of its USD 1 billion FCCB, or foreign currency convertible bond, maturing 2012. The company may spend USD 150-200 million on the buyback. The stock currently is trading at a 30-35% discount.
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Dec 11, 2008, 02.46 PM | Source: CNBC-TV18

R-Comm may buy back $1 bn FCCB maturing 2012: Sources

Sources said Reliance Communications expects to buyback 15-20% of its USD 1 billion FCCB, or foreign currency convertible bond, maturing 2012. The company may spend USD 150-200 million on the buyback. The stock currently is trading at a 30-35% discount.

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R-Comm may buy back $1 bn FCCB maturing 2012: Sources

Sources said Reliance Communications expects to buyback 15-20% of its USD 1 billion FCCB, or foreign currency convertible bond, maturing 2012. The company may spend USD 150-200 million on the buyback. The stock currently is trading at a 30-35% discount.

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Siddharth Zarabi (more)

Economic Editor, CNBC-TV18 |

Here is a verbatim transcript of Siddharth Zarabiís comments on CNBC-TV18. Also see the accompanying video.

 

Sources said Reliance Communications expects to buy back 15-20% of its USD 1 billion FCCB, or foreign currency convertible bond, maturing 2012. The company may spend USD 150-200 million on the buyback. The stock currently is trading at a 30-35% discount.

 

It plans to use USD 50 million from internal resources and may borrow overseas for the balance. The FCCB programme buyback may be staggered. The timeline may be spread over 3-4 months. The process will be completed by March 2009.

 

The company's GSM capital expenditure will not be affected any way by this issue.

 

CNBC-TV18 Disclaimer:

This information has not been provided to the stock exchanges, and is source-based.

 

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R-Comm may buy back $1 bn FCCB maturing 2012: Sources
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