Mukesh Ambani’s Reliance Industries Ltd (RIL) said that the company’s Finance Committee had authorised a proposal to raise up to $5 billion through an international bond offering.
The profits from the bond offering would mostly be used to refinance current loans.
“Further to our letter dated December 29, 2021, on the subject, we hereby inform you that the meeting of the Finance Committee of the Board of Directors of Reliance Industries Limited was held on January 1, 2022, and proposal for issuance of senior unsecured US$ denominated fixed-rate notes from time to time, for an aggregate amount up to US $5 billion (“Notes”), in one or more tranches, was approved,” RIL said in a filing on BSE.
“Such issuance will be in compliance with Regulation S and Rule 144A under the U.S. Securities Act of 1933, as amended (the “US Securities Act”). Further, the proceeds from the issuance of the Notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law,” it further said.
