Anil Ambani Group firm Reliance Communications [Get Quote] said on Thursday it has bought back foreign currency convertible bonds worth about Rs 48 crore (Rs 480 million).

"The company has repurchased 100 FCCBs worth $100,000 each, aggregating about Rs 48.77 crore ($10 million)," RCom said in a filing to the Bombay Stock Exchange.

Last month, the ADAG firm announced that it had bought back 250 FCCBs worth $100,000 each, aggregating about Rs 121.22 crore (Rs 1.21 billion). The bonds were bought back at a discount of 52.5 per cent over the issue price.

In two tranches, RCom has bought back FCCBs aggregating to about Rs 170 crore (Rs 1.7 billion).

In December last year, the Reserve Bank of India [Get Quote] had allowed firms to buy back FCCBs prematurely in rupees if they are at a minimum discount of 25 per cent on the book value.

According to the RBI guidelines, the buyback amount is limited to $50 million of the redemption value per company and the resources for the buyback must be drawn out of internal accruals of the company.

Shares of RCom closed at Rs 167.70 at BSE, down by 1.38 per cent over the previous close.