RCom shares surge over 12% on $1 bn debt repayment
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RCom shares surge over 12% on $1 bn debt repayment

Last Updated: Monday, July 1, 2013, 18:43
 
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RCom shares surge over 12% on $1 bn debt repayment
Mumbai: Shares of Reliance Communications on Sunday soared by over 12 percent after the company said it has made full repayment of two loans amounting to USD 1 billion (around Rs 6,000 crore) during the June quarter.

After surging nearly 13 percent to Rs 133.25 -- its 52-week high on the BSE -- the stock finally ended at Rs 132.50, up 12.19 percent from its previous close. At the NSE, the scrip was up 12.15 percent to settle at Rs 132.95.

The market value of the company rose by Rs 2,972 crore to Rs 27,348 crore.

The company has completed full repayment of two Syndicated ECB loan facilities of USD 500 million each, which were availed in 2007 from a group of international banks, during the quarter ended June 30 2013, Reliance Communications said today.

In addition, RCom has made scheduled repayments of another USD 207 million (Rs 1,200 crore) in respect of other foreign currency loans, on the respective due dates during the April-June quarter.

"RCom's foreign currency debt is steadily declining every year, and the interest outgo on such debt is fully covered by USD denominated earnings from the Reliance Globalcom business," the company said.

PTI


First Published: Monday, July 1, 2013, 18:43


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