MUMBAI – Reliance Industries plans to raise up to $3 billion via overseas bond sales, which would be the largest offshore raising by an Indian borrower in one go, people familiar with the matter told ET. The bond sale is expected to be launched in the next two weeks.
The proceeds would be used to refinance existing loans and bonds raised from international investors earlier. While international bonds issued 8-10 years ago are maturing early this year, a bundle of loans are coming up for maturities in the next three-four months.
The move, which is debt neutral, will help the company either to save funding cost as much as by 50 basis points or elongate maturities.
