Debt financing
Reliance Industries to raise Rs.10,000-Cr via domestic bond sale
Reliance Industries is set to launch a fundraising round through the sale of rupee-denominated bonds. The company plans to raise INR 10,000 crore (USD 1.04 Billion) through the issuance of 10-year notes at an annual coupon of 7.90%. Large private-sector banks are expected to act as arrangers for the transaction and may participate in subscribing to the bonds.The conglomerate intends to complete this borrowing before the central bank’s upcoming monetary policy decision on October 7. The company recently raised INR 12,000 crore through five-year papers at a 7.47% coupon.The company is using this route due to relatively lower local bond yields compared to USD debt, which has seen a significant increase in Treasury yields. Upon completion of this latest issuance, the total outstanding bonds for the company will reach INR 54,000 crore.
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