RCom shares surge on announcing payback of external loans
01 Jul 2013
The Anil Ambani-run Reliance Communications today said it has repaid in full two loans totalling $1 billion (Rs6,000 crore) during the April-June quarter.
The company has completed repayment of two syndicated ECB (external commercial borrowing) loan facilities of $500 million each, which were sourced from a group of international banks in 2007, the company said in a statement.
In addition, RCom has also made scheduled repayments worth another $207 million (Rs1,200 crore) in respect of other foreign currency loans, on the relevant due dates during the April-June quarter.
The repayments have been from the company's rupee resources.
RCom's foreign currency debt has been steadily coming down every year, and the interest outgo on such debt is fully covered by dollar denominated earnings from the Reliance Globalcom business, it added.
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 Bombay Stock Exchange.