Reliance didn’t give additional main points on using proceeds. (Report)

Reliance Industries Ltd mentioned it plans to lift as much as $5 billion in dollar-denominated debt and use proceeds basically to refinance its present borrowings.

The Mukesh Ambani-owned oil-to-telecoms conglomerate mentioned that the proposal for fastened price notes, which might be issued in a number of tranches, was once licensed by means of the board in a gathering on Saturday.

Whilst the corporate didn’t give additional main points on using proceeds, the Financial Occasions newspaper mentioned it’ll be used refinance previous debt raised from world buyers, with a package deal of loans bobbing up for maturities within the subsequent 3 to 4 months.

The newspaper mentioned the providing will be the greatest offshore elevating by means of an Indian borrower in a single cross, including that the transfer might be debt-neutral to the corporate.

(Aside from for the headline, this tale has no longer been edited by means of NDTV personnel and is revealed from a syndicated feed.)

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