August 08, 2022 18:49 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
India's badmin icon PV Sindhu clinches maiden CWG women singles gold | NIA officials raid in Doda, Jammu | India records 18,738 new Covid-19 cases in last 24 hours | Mobile internet services suspended in Manipur after protest over contentious bill | Technical hitch develops in maiden launch of new ISRO rocket
Mukesh Ambani-led Reliance to raise up to US$ 5 billion through overseas bonds RIL

Mukesh Ambani-led Reliance to raise up to US$ 5 billion through overseas bonds

India Blooms News Service | @indiablooms | 01 Jan 2022, 11:59 pm

New Delhi/UNI: Mukesh Ambani-led Reliance Industries Ltd (RIL) on Saturday said that the Finance Committee of the Board of Directors of the company has approved the plan to raise up to US$ 5 billion through an overseas bond issue.

The proceeds from the issuance of bonds would be utilised primarily for refinancing existing loans.

This would be the largest offshore raising by an Indian borrower in one go.

"Further to our letter dated December 29, 2021, on the subject, we hereby inform you that the meeting of the Finance Committee of the Board of Directors of Reliance Industries Limited was held on January 1, 2022, and proposal for issuance of senior unsecured US$ denominated fixed-rate notes from time to time, for an aggregate amount up to US$ 5 billion (“Notes”), in one or more tranches, was approved," RIL said in a filing on BSE on Saturday.

"Such issuance will be in compliance with Regulation S and Rule 144A under the U.S. Securities Act of 1933, as amended (the “US Securities Act”). Further, the proceeds from the issuance of the Notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law," it further said.

Investors across the globe including from the US can invest in those bonds, which is known as 144A in market parlance. Bonds will be of investment grade.

Related Images
FOHMA addresses press conference 01 Jan 1970, 05:30 am
Related Videos
PM Modi on Union Budget 2022-2023 01 Feb 2022, 06:28 pm
IBNS Live Business Chat 30 Dec 2021, 05:53 pm