No it doesn't. The command is for loosing the bindings, the clients don't know and you have to wait for a new dhcp packet from the client.
I was looking how to do a new dhcp request from the cisco itself, so when one of the cisco interfaces is configured as a dhcp client.
Then this is what you need, from enable mode just type:
release dhcp Fa0/1
renew dhcp Fa0/1
where Fa0/1 should be replaced with your interface.
A shut and no shut of the interface will have the same affect.
Did you still need the answer after 8 years? ;-)
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