Reliance Infrastructure sells 8.5 bn rupees of bonds
Reliance Infrastructure sold 8.5 billion rupees of bonds on January 27, the company informed the stock exchange.Updated: Feb 03, 2009, 00:36 IST
Reliance Infrastructure sold 8.5 billion rupees of bonds on January 27, the company informed the stock exchange.
The 10-year bonds carry a coupon rate of 11.55 per cent, payable monthly, and are rated 'AA(ind)' by Fitch.
On December 23, Fitch had cut Reliance Infrastructure's national long-term rating to 'AA(ind)' from 'AA+(ind)'.
"The downgrade reflects increased uncertainty over the proposed 78.4 billion rupees equity infusion by sponsors in view of the sharp decline in equity price against the strike price of warrants which, coupled with its large investments in the infrastructure space and the current financial environment, is expected to impact its financial profile," Fitch said.