RCoVL board okays $500 mn FCCB issue

The board of directors of Reliance Communication Ventures (RCoVL) today approved a proposal to raise funds from the overseas markets.

According to a release issued by RCoVL to the BSE today, the company will raise long term resources by issue of Foreign Currency Convertible Bonds (FCCBs) in the international markets upto $ 500 million or equivalent thereof, at a premium to the market price of the equity shares of the company, subject to all necessary permissions, sanctions and approvals.