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RIL raises Rs8,500 crore via bonds

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MUMBAI : Reliance Industries on Thursday raised Rs8,500 crore through bonds after 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 at a floating interest rate and the other at fixed rate, according to a debt capital market banker.

The floating rate issue saw the company raise Rs4,500 crore for a coupon rate of 7.2%. This is 280 basis points over repo rate of 4.4%.

The fixed rate issue saw the company raise Rs4,000 crore for a three-year period at a fixed coupon rate of 7.2%. According to bankers, the money raised through this bond issue will primarily go towards refinancing their existing debt.

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