According to bankers, the money raised through this bond issue will primarily go towards refinancing its existing debt. RIL had a debt of ₹1.54 trillion at the end of 2019.
Reliance Industries Ltd (RIL) on Thursday raised ₹8,500 crore through bonds after the Reserve Bank of India decided to provide additional liquidity to banks to fund companies impacted by covid-19.
RIL, with a long-term debt rating of AAA, issued bonds in two parts, one with floating interest rate and the other at a fixed rate, according to a debt capital market banker.
The floating rate issue saw the company raise ₹4,500 crore for a coupon rate of 7.2%. This is 280 basis points over the repo rate of 4.4%.