Billionaire Anil Ambani Taps China Loans After Stock Plunge
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Indian billionaire Anil Ambani is tapping Chinese lenders for a second time in less than a year after a decline in the value of his flagship company left him with almost $1 billion of convertible bonds to repay by March.
Ambani’s Reliance Communications Ltd. yesterday said it will borrow $1.18 billion from lenders including China Development Bank Corp., Export-Import Bank of China and Industrial & Commercial Bank of China. The proceeds will help India’s second-largest mobile-phone operator redeem convertible debt maturing on March 1. The shares are trading 87 percent below the price at which the notes can be switched to equity.