The board of Reliance Industries on Thursday decided to raise Rs 25,000 crore in non-convertible debentures (NCDs).
“The board of directors of the company, at its meeting held today (Thursday), has approved, inter alia, the proposal to raise funds through the issuance of non-convertible debentures up to Rs 25,000 crore in tranches from time to time, on a private placement basis,” Reliance informed the stock exchanges.
Reliance did not disclose the rationale behind the fund raising or the timeline. The proposed issue comes at a time Reliance has completed a large part of its capital expenditure.
It is not immediately clear if Reliance is using the proceeds to refinance debt. During the third quarter of fiscal 2019-20, the consolidated net debt of the company stood at Rs 1.53 lakh crore.
