Reliance on the hunt again for ₹10,000 cr from mkts
Indian billionaire Mukesh Ambani's Reliance Industries plans to launch a second tranche of its mega fundraising through the sale of rupee-denominated bonds, according to four merchant bankers. The company aims to raise approximately 100 billion rupees ($1.04 billion) by issuing 10-year notes with an annual coupon rate of 7.90%.
Investors are expected to submit bids for the bonds next week or the week after the announcement. The bankers spoke on condition of anonymity, as they are not authorized to discuss the matter with the media. Reliance Industries, however, has not yet commented on the matter.
The conglomerate raised 120 billion rupees through a sale of five-year bonds two weeks ago, marking its first rupee bond offering since November 2023. The previous raise was the largest local-currency debt sale by an Indian non-financial company at the time, totaling 200 billion rupees.
Large private-sector banks are anticipated to act as arrangers for the new deal and may also subscribe to the bonds. The relative affordability of local bond yields compared to US dollar debt, due to the significant spike in Treasury yields, has made such funding cheaper for the company. This latest issuance would bring Reliance Industries' outstanding bonds to a total of 540 billion rupees.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
