With the help of funds from its internal accretions and the foreign exchange proceeds, Reliance Communications intends buying back foreign currency convertible bonds (FCCBs) at a mark down, depending upon the central bank approval.

A tender offer, for repurchasing the bonds for cash at a discount, has been issued by the company to all its bond holders.

Gold traded in jerky session on Tuesday as traders backed away from the safe investment amid anticipation that the financial system can return to normal.

In the international spot market, Gold belled the day at $887.50. During the session, it gained steam as worse than expected retail sales caused the equity markets to fall and gold rapidly rallied, touching an intraday high of $893.

Gold typically moves opposite the US currency owing to its hedge value. The dollar remained choppy as compared to other majors on Tuesday, giving back early gains.

Despite the fact that the global downturn has virtually hit every sector of the economy, the education sector has largely escaped any major blows; and is beckoning private equity (PE) and venture capital (VC) funds!

According to a “Private Equity Pulse – Education” report by Venture Intelligence - a research service tracking private equity and M & A activity in India – the PE, VC investors are targeting the domestic education firms, after they have noticed a huge potential in the education arena.

Pantaloon Retail India, a Future Group Company promoted by Kishore Biyani, has decided to issue 1.1-crore equity shares to promoters and associates and 41-lakh equity shares to Dharmyug Investments at a price of Rs.183 per share on preferential basis.

Apart from this, the Mumbai based company would also issue 50-lakh warrants at a price of Rs.183 per warrant to promoters and their associates, convertible into equity shares within 18 months of allotment on preferential basis.

In a significant move, country's second largest mobile-phone operator, Reliance Communications (RCom) has decided to repurchased US $ 5 Million (about Rs 25.26 crore) foreign currency convertible bonds (FCCBs) at discount from the international markets.

In a disclosure to the Bombay Stock Exchange, the Mumbai based company, owned by Anil Ambani said that it has bought back 50 zero coupon FCCBs aggregating Rs 25.26 crore.

The filing further added that the repurchased bonds are expected to extinguish on April 15, 2009.

While launching its new brand campaign, cement maker Jaypee Cement, a wholly owned arm of the Jaypee Group, has appointed master blaster Sachin Tendulkar as its brand ambassador.

Mr. Manoj Gaur, Jaypee Group Executive Chairman, said, “Sachin and Jaypee Cement are a perfect fit as they stand for similar values of inner strength, endurance and ever lasting performance. These value have spurred both to set new benchmarks and made good the dreams and aspirations of all those who believe in Sachin and Jaypee Cement.”