MUMBAI, Aug 14: Reliance Industries Ltd (RIL) has decided to prepone the redemption of `F' series of debentures for a sum of Rs 266.55 crore. RIL had earlier preponed the date of redemption of its 10-year non-convertible debentures (NCDs) in the `J' and `K' series worth Rs 390 crore by five years. With this, the company will now be paying back Rs 656.55 crore to the investors before maturity.

RIL had issued 270 lakh 15 per cent secured redeemable non-convertible debentures of Rs 100 each aggregating Rs 270 crore (series F) in 1992 to part-finance the cracker project of the company. A sum of Rs 266.55 crore is outstanding as on June 30, 1997.

RIL has informed the Bombay Stock Exchange (BSE) that ``in terms of letter of option the above debentures are redeemable on August 31, 1999. As per the terms of the issue, if the company however desires to accelerate or after the date of redemption of the debentures, or the mode of manner of the redemption, it may do so, subject to prior consent of the trustees.''

The company has already received approval from the trustees of the above debentures.

The company now proposes to redeem the `F' series debentures on October 31, 1997. The book closure period for determining the debentureholders entitled to receive redemption proceeds along with interest upto October 31, 1997 would commenced from October 22 to October 31.

The debentures would automatically be delisted for trading effective ex-interest date.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.