Reliance Communication Ventures Ltd, one of the four companies acquired by Anil Ambani, on Wednesday said it has raised $500 million from the international market through the issue of 500,000 Foreign Currency Convertible Bonds.
The FCCBs of $1,000 dollars, are expected to be listed on the Singapore Stock Exchange and have a tenure of five years, RCoVL informed the Bombay Stock Exchange.
The bonds have a conversion price of Rs 480.68 per share, representing a premium of 50 per cent to the closing price of the shares on March 21, 2006 and entail a 4.65 per cent yield to maturity per annum.
The equity share capital of the company would increase by about 4.62 crore (46.2 million) shares of Rs 5 each, if the FCCBs are fully converted into equity.
RCoVL has entered into a subscription agreement with the sole bookrunner, Deutsche Bank, which is subject to necessary approvals.
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