RCom strengthens on plan to raise funds by issuing US dollar-denominated debt instruments

Reliance Communications is currently trading at Rs 103.25, up by 0.90 points or 0.88% from its previous closing of Rs 102.35 on the BSE. The scrip opened at Rs. 101.55 and has touched a high and low of Rs. 104.70 and Rs. 101.50 respectively. So far 610944 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 156.90 on 10-Jun-2014 and a 52 week low of Rs. 93.10 on 26-Sep-2014. Last one week high and low of the scrip stood at Rs. 116.35 and Rs. 99.50 respectively. The current market cap of the company is Rs. 24695.78 crore. The promoters holding in the company stood at 58.25% while Institutions and Non-Institutions held 31.33% and 10.19% respectively. In a bid to refinance $255 million of overseas loans, Reliance Communications (RCom) is planning to raise funds by issuing US dollar-denominated debt instruments. The proceeds will be used to repay existing foreign currency debt to avail of longer maturity redemption period. There will be no increase in the company's overall borrowing. The notes, if issued, will be listed on the Singapore Stock Exchange. The notes won't be available to investors in the US or India. The company’s net debt fell by Rs 3,900 crore to Rs 36,334 crore at the end of September after it raised funds via an institutional share sale. Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.