Reliance Industries Ltd mentioned it plans to boost as much as $5 billion in dollar-denominated debt and use proceeds primarily to refinance its present borrowings.
The Mukesh Ambani-owned oil-to-telecoms conglomerate mentioned that the proposal for fastened charge notes, which could possibly be issued in a number of tranches, was accepted by the board in a gathering on Saturday.
Whereas the corporate didn’t give additional particulars on using proceeds, the Economic Times newspaper mentioned it will likely be used refinance earlier debt raised from worldwide traders, with a bundle of loans arising for maturities within the subsequent three to 4 months.
The newspaper mentioned the providing could be the most important offshore elevating by an Indian borrower in a single go, including that the transfer will probably be debt-neutral to the corporate.
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