India's Reliance Energy announces conversion of $147.5 million of zero-coupon convertibles

By Devika Patel

Knoxville, Tenn., Dec. 4 - Reliance Energy Ltd. informed the Bombay Stock Exchange that $147,497,000 of its $178,058,000 zero-coupon bonds have been converted.

The company will hold a board of directors meeting on Dec. 12 to consider passing a resolution to issue more bonds at a premium to the market price.

As previously reported, the company said on Nov. 13 it is forcing an early conversion of the notes.

The company now has $30,561,000 of the notes outstanding. The bonds, which must be converted by Jan. 4, are being converted into equity shares at Rs. 1,006.92 per share.

Mumbai, India-based Reliance Energy is a fully integrated utility engaged in the generation, transmission and distribution of electricity in India.

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