RCOM's $300-mn Bondholders' approve 'Tender and Exchange' offer

Mumbai/London : Reliance Communications (RCOM) Bondholders have approved the "Tender and Exchange" offer of $300 million Bonds, the company said on Friday.

According to the company, the offer got the approval of an overwhelming majority of over 83 per cent of Bondholders at a meeting held in London.

"Pursuant to the offer as approved, the Bondholders will receive cash proceeds of up to $118 million," the company said in a statement.

"The Bondholders will also get $55 million Bonds to be issued by Global Cloud Xchange Limited (holding Company of GCX), a foreign subsidiary of RCOM."