Reliance Industries Ltd bonds gained to an almost two-month high after saying the groups net debt would be slashed to zero ahead of a previously drawn schedule and talks to sell a stake in its energy unit to Aramco are on course.
The conglomerates 3.667 per cent bonds due 2027 rose 0.4 cents on the dollar to 100.28 as of 11:40 a.m. in Hong Kong, the highest level since March 13. The groups 4.125 per cent notes due 2025 jumped to the highest level since March 17 to 102.85 cents.
Last week, the company’s board signed off on a proposal to raise about Rs 53,100 crore ($7.1 billion) selling shares to existing investors. The decision came days after Facebook Inc. announced buying a 10 per cent stake for $5.7 billion in Jio Platforms, Reliances digital asset.
