The board of infrastructure firm Reliance Infrastructure has authorised the issuance of as much as $400 million, 5 per cent unsecured Overseas Forex Convertible Bonds (FCCBs) on a personal placement foundation.
The FCCBs shall be convertible into fairness shares of ₹10 every of the corporate as per the FCCBs time period, at ₹123 (together with a premium of ₹113) per fairness share.
The conversion value is 5.60 per cent greater than the ground value of ₹116.48, calculated as a median of the weekly excessive and low closing costs throughout the two weeks previous August 5, 2022. The tenure of the bonds will likely be ten years.
Every FCCB of $1,000,000 is equal to ₹7.94 crore, the corporate knowledgeable.
That is the second time this 12 months that the board of Reliance Infrastructure gave their nod to boost funds by means of FCCBs. In June, the corporate had intimated that it had obtained the board’s approval for elevating $500 million.
August 06, 2022