RIL initiates bond sale abroad; plans to secures $3 bn from offshore investors
By siliconindia | Thursday, 06 January 2022, 06:48 Hrs
Reliance Industries Ltd has launched its mega bond sale abroad, as the firm is planning to raise $3-5 billion from offshore investors.
The proceeds will be used to refinance existing debt and part of it used for capital expenditure.
There are various banks such as Barclays, Bank of America, Citigroup, JPMorgan, MUFG and Standard Chartered Bank working with the company to raise the money overseas.
The bonds are of three tenors- 10, 30 and 40 years.
Reliance Industries Limited is an Indian multinational conglomerate company and private entity headquartered in Mumbai, India. RIL's diverse businesses include energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles.
The company's earlier announcement about transferring its gasification undertaking to a wholly owned subsidiary while re-evaluating the planned transfer of its O2C business to a separate unit will not have any impact on the credit profile, according to Moody's.
The company's liquidity is further supported by its strong banking relationships and access to domestic and international capital markets.
In November 2021, RIL received about Rs 26,600 crore in proceeds from the final call on its rights issue, which also improved its liquidity.