Reliance Industries (RIL) will raise Rs 9,000 crore through an NCD sale to refinance its existing high-cost rupee debt. The move is aimed at cashing in on cheap funds flooding the debt market through the targeted long-term repo operations route,
The most cash-rich company is also one of the most indebted corporate houses sitting on a debt pile of over Rs 1.54 lakh crore as of March 2020.
According to an exchange filing, RIL is launching the issue on April 16 and the proceeds from the debt sale will be used to repay existing rupee debt.
The issue has two components: a Rs 4,500-crore fixed rate tranche and an equal tranche with floating rate and both the issues are offering a coupon of 7.20 per cent-4.40 per cent of repo with a spread of 2.80 per cent.
