Refile: Reliance Infra to raise $350 mln via foreign currency convertible bonds

Reliance Infrastructure

04/10/2024 03:20

(Corrects to clarify in paragraph 2 that the company issued the
news on Tuesday)
       MUMBAI, Oct 4 (Reuters) - India's Reliance
Infrastructure  RLIN.NS  said it plans to raise up to $350
million by issuing foreign currency convertible bonds (FCCBs) to
VFSI Holdings, an affiliate of investment firm Varde Investment.
    The convertible bonds will have an "ultra-low cost" interest
of 5% per annum with a long maturity of 10 years, the company
said in a statement on Tuesday.
    The FCCBs will be convertible into equity at 330 rupees per
share.
    The company, however, has not given any timeline for the
issuance of the convertible bonds.
    FCCBs are a mix of debt and equity instruments but act like
bonds as they have regular coupon payments and give holders the
option to convert the bonds into equity.

 (Reporting by Bhakti Tambe; Editing by Savio D'Souza)
 ((Bhakti.Tambe@thomsonreuters.com))