Reliance Communications clears debt of Rs 6,000 crore
The company has completed full repayment of two Syndicated ECB loan facilities of $ 500 million each, which were availed in 2007 from a group of international banks.
New Delhi: Reliance Communications on Monday said it has made full repayment of two loans amounting to $ 1 billion (around Rs 6,000 crore), during the June quarter.
The company has completed full repayment of two Syndicated ECB loan facilities of $ 500 million each, which were availed in 2007 from a group of international banks, during the quarter ended on June 30 2013, Reliance Communications said in a statement.
In addition, RCom has made scheduled repayments of another $ 207 million (Rs 1,200 crore) in respect of other foreign currency loans, on the respective due dates during the April-June quarter.
The repayments have been from the company's rupee resources. Reacting to the announcement, shares of the company surged as much as 5.50 per cent to touch an early high of Rs 124.60 in morning trade on the BSE.
"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 statement added.