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Reliance restructures $687.50-M debt
By siliconindia
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Friday, 24 September 2004, 19:30 IST
NEW DELHI: Reliance Industries has restructured its debt worth $687.50 million to reduce its interest costs.
The company concluded re-pricing of its syndicated term loan through a mix of refinancing and restructuring of existing loans, which would result in extending the maturity period of the loans.
"This restructuring exercise of our existing higher cost liabilities is part of our ongoing evaluation of opportunities to reduce the overall cost of borrowing. This transaction is the largest restructuring exercise of its type," Reliance Industries president (finance) Alok Agarwal said in a statement.
About 26 banks took part in the exercise to rejig the debt of India's leading private company having a turnover of Rs 74,418 crore.
The lending group consisted of Indian banks and South-East Asian investors in syndicated debt of Reliance.
At the end of the debt revamp exercise, the lenders group had significant participants from West Asia.
Reliance is one of the Fortune 500 companies with assets over Rs 71,157 crore.