3 hrs ago
Reliance Industries Plans $1 Billion Rupee Bond Fundraise
Reliance Industries wants to borrow about $1 billion from investors.
It would do this by selling bonds in Indian rupees.
The bonds would last for 10 years and pay investors 7.90% each year.
The company may ask investors to place bids next week or the week after.
It hopes to complete the borrowing before the central bank’s October 7 policy decision.
Reliance raised ₹12,000 crore through five-year bonds about two weeks ago.
That earlier borrowing paid 7.47% each year.
Large private banks may help organize and buy some of the new bonds.
Reliance Industries plans to raise about ₹10,000 crore, or roughly $1.04 billion, through 10-year rupee-denominated notes.
The proposed bonds are expected to carry an annual coupon of 7.90%.
Investor bids could be invited next week or the week after, according to four merchant bankers.
Reliance recently raised ₹12,000 crore through five-year bonds carrying a 7.47% annual coupon.
Large private-sector banks are expected to arrange and partly subscribe to the new bond issue.
- Who
- Reliance Industries, led by billionaire Mukesh Ambani, is reportedly planning the fundraising.
- What
- The company plans to raise about ₹10,000 crore, or approximately $1.04 billion, through 10-year rupee-denominated bonds.
- Where
- Through a rupee-denominated bond sale in India’s local-currency debt market.
- When
- Investor bids are expected next week or the week after; the company reportedly wants to finish before October 7.
- Why
- The articles do not state a specific use for the funds; the reported plan is part of Reliance’s broader fundraising.
Key facts
- Planned amount
- About ₹10,000 crore, approximately $1.04 billion
- Bond maturity
- 10 years
- Proposed coupon
- 7.90% annually
- Expected bidding
- Next week or the week after
- Recent borrowing
- ₹12,000 crore through five-year bonds at a 7.47% annual coupon
- Earlier local bond issue
- ₹20,000 crore raised in November 2023
- Expected arrangers
- Large private-sector banks, which may also partly subscribe
Quotes
Anonymous merchant banker
One of four merchant bankers familiar with Reliance Industries’ planned bond offering
“Ideally, the company would want to finish the borrowing before the central bank monetary policy decision on October 7”
livemint.com
Sources
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