Billionaire Mukesh Ambani’s Reliance Industries Ltd on Saturday said it will raise as much as $5 billion in foreign currency-denominated bonds and use the proceeds to retire existing borrowings.
In a stock exchange filing, the company said the Finance Committee of the company board at its meeting on Saturday approved a “proposal for issuance of senior unsecured US Dollar-denominated fixed-rate notes from time to time, for an aggregate amount up to $5 billion, in one or more tranches”.
“The proceeds from the issuance of the Notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law,” it added.
