Reliance Comm up 5% after bond holders approve exchange offer of bonds worth USD 300 mn

Shares of Reliance Communications added 5.5 percent intraday Friday as company's bond holders approved the exchanged offer of bonds worth USD 300 million.

The bond holders will receive monetization proceeds upto USD 118 mn.

The balance amount of USD 182 million will be exchanged with USD 55 million bonds to be issued by Global Cloud Xchange (GCX), a foreign subsidiary of the company.

"Reliance Communications bond holders, approved the exchange offer of USD 300 million bonds with overwhelming majority of over 83 percent, at their meeting held today on August 24, 2018, at London," company said in release.

The new GCX bonds will be unlisted, unsecured and shall have half yearly coupon of 0.1 percent with tenure of four years.

At 14:56 hrs Reliance Communications was quoting at Rs 19.31, up Rs 0.46, or 2.44 percent on the BSE.

The share rose 45 percent in last 1 month.