Reliance To Raise $5 Billion To Retire Existing Borrowing

Mukesh Ambani's firm has unveiled ambitious plans for a foray into the new energy 🌟business while rapidly expanding its digital and retail ventures.

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Updated on: 2 January 2022 10:37 am

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R🌺eliance Toಌ Raise $5 Billion To Retire Existing Borrowing

Reliance To Raise $5 Billion To Retire Existing Borrowi🐻ng

Billionaire Mukesh Ambani-led Reliance Industries on Saturday said it will raise as much as $5 billion in foreign currꦏency-denominated bonds and use the proceeds to retire existing borrowings.

In a stock exchange filing, the company said the Finance Committee of the company board at its meeting on Saturday approved a "proposal ༺for issuance of senior unsecur♏ed US Dollar-denominated fixed-rate notes from time to time, for an aggregate amount up to $5 billion, in one or more tranches".

"The proceeds from the issuance of the Notes will be utilised primarily for refinancing of ex꧙isting borrowings, in accordance with the applicable law," it a⛄dded.

The bond saཧle is poised to become the single largest su🔜ch borrowing by an Indian company.

Whileꩵ the company did not divulge details on either the timing or the pricing of the bonds, it is expected that the 10-year debt may be offered at about 110 to 130 basis points over the US Treasury benchmark, and the 30-year debt may be at 130 to 140 basis points over similar-maturity Treasuries.

Ambani's firm has unveiled ambitious plans for a foray into the new e🍬nergy business while 💧rapidly expanding its digital and retail ventures.

It said on Friday that its subsidiary Reliance New Energy Solar Ltd (RNESL) has signed definitive agreements to acquire UK-based sodium-ion battery techn🐬ology company Faradion for an enterprise value of 100 million pounds.