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Reliance Infrastructure’s board has approved the issuance of up to $400 million, 5 percent unsecured foreign currency convertible bonds (FCCBs) on a private placement basis.
The FCCBs will convert into equity shares of ₹ 10 for each company as per the terms of the FCCBs, at ₹ 123 (including a premium of ₹ 113) per equity share.
The conversion price is 5.60 percent higher than the floor price of INR 116.48, calculated as the average of the weekly high and low closing prices for the two weeks preceding August 5, 2022. The bonds will have a tenure of ten years.
Each FCCB of $1,000,000 is equivalent to ₹7.94 crore, the company said.
This is the second time this year that the board of Reliance Infrastructure has given its nod to raise funds through FCCB. In June, the company announced it had received board approval to raise $500 million.
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