India's Reliance Communications extends tender offer for 0% convertibles due 2012

New York, April 16 - Reliance Communications Ltd. said it has extended its cash tender offer for its zero-coupon convertible bonds due 2012.

The expiration is now 11:59 a.m. ET on April 21, pushed back from 11:59 a.m. ET on April 17. Confirmations are required by 11:59 a.m. ET on April 23, instead of the same time on April 21.

The deadline for approval from the Reserve Bank of India is now 7:30 a.m. ET on April 27 instead of April 24.

The announcement of results is scheduled for April 30 instead of April 28 and settlement for May 6 instead of April 30.

Reliance said it was delaying the deadlines because the original offer only allowed a "limited amount of time."

The company announced the offer on April 14 and said it was inviting holders to say how many bonds they are willing to sell and at what price.

Reliance will then announce how many bonds it will buy back and the clearing price, which will be paid to all investors whose bonds are accepted.

The company said it has asked the Reserve Bank of India to allow it to buy back "in excess of" $50 million principal amount of the bonds using cash that it has accrued internally.

Out of the $1 billion of bonds originally issued, $955 million are currently outstanding.

J.P. Morgan Securities Ltd. is tender agent (+852 2800 8817 or +44 207 779 3166).

Reliance is a telecommunications company based in Navi Mumbai, India.

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