NEW DELHI: Reliance Communications (RCom) moved up 3 per cent on Tuesday after the Anil Ambani-controlled company decided to buy back its overseas bonds in a bid to retire high cost debt. The debt-ridden company said it has offered to purchase back its offshore bonds worth of $300 million, which offered 6.5 per cent with 2020 maturity, ET reported. Following the development, the stock rose 3 per cent to hit a high of Rs 16.92 on the BSE. In a regulatory filing, the company said the tender and exchange offer are being launched in the context of its broader debt restructuring and is in conjunction with a meeting of the holders of the existing notes, which the company has convened in London on August 10. "The purpose of the meeting is to solicit the approval of the holders to certain arrangements, proposals, waivers and modifications under the trust deed for the existing notes," it said.