Reliance Mediaworks, an entertainment and media company, announced the redemption of about €21 million or Rs 130 crore worth of foreign currency convertible bonds. It said that of the total FCCBs of €84 million issued in 2006, a total of about €63 million were converted into equity shares. The remaining debentures were redeemed on January 25, at a premium of 122%, that is it would have repaid a sum of about Rs 160 crore these debenture holders.
The company has sizeable debt, at about Rs 2,000 crore as of September 30 and the redemption of these FCCBs will make a relatively small dent on its debt. In the half year ended September 30, its revenues rose by 71% to Rs 278 crore and it incurred a loss of Rs 73 crore, similar to that in the same period a year ago.