Reliance Comm up 2% on repayment of $500 mn ECB loan

Moneycontrol Bureau

Investors are buying shares Reliance Communications as the telecom operator has fully repaid syndicated ECB loan of USD 500 million (Rs 3,100 crore approximately) on the scheduled due date today. The stock gained as much as 2 percent intraday on Friday.

"We had earlier this year made full scheduled repayment of two other syndicated external commercial borrowing (ECB) loans aggregating USD 1 billion (Rs 6200 crore) and bilateral ECB loans of more than USD 310 million (Rs 1900 crore approximately)," the company said in its filing to the exchange.

With these repayments, Reliance Communications has now fully liquidated the borrowings from 23 foreign banks and financial institutions.