Reliance Industries board meet to raise debt

Reliance Industries (RIL) is planning to raise funds through the issue of non-convertible debentures (NCDs) even as questions are being raised about its target of becoming a zero net debt company by March 2021.

The oil-to-telecom giant said in a regulatory filing on Monday that its board will meet on April 2 to consider “raising of funds by way of issuance of listed, secured/unsecured, redeemable non-convertible debentures on private placement basis, in one or more tranches/series’’.

The company did not disclose the reasons behind the latest fund raising or its size, which could be known after the board meeting.