Billionaire Ambani's Reliance Industries eyes Rs 10,000 cr debt fundraise: Sources

Indian billionaire Mukesh Ambani's Reliance Industries is set to launch the second tranche of its planned mega fundraising through the sale of rupee-denominated bonds just a couple of weeks after it raised shorter-tenor debt, four merchant bankers told Reuters on Thursday.

The oil-to-telecom conglomerate plans to raise around 100 billion rupees ($1.04 billion) through a sale of 10-year notes at an annual coupon of 7.90%. The company is set to invite bids from investors next week or the week after, according to bankers.

The bankers requested anonymity as they are not authorised to speak to the media, while Reliance Industries did not immediately reply to a Reuters email seeking comment.


"Ideally, the company would want to finish the borrowing before the central bank monetary policy decision on October 7," one of the bankers said.

Two weeks ago, RelianceIndustries raised 120 billion rupees through a sale of five-year papers at an annual coupon of 7.47%. The raise marked the conglomerate's first rupee bond offering since November 2023, when it had raised 200 billion rupees in the largest local-currency debt sale by an Indian non-financial company at the time.

Large private-sector banks are likely acting as arrangers for the new deal as well, and would be partly subscribing to these bonds, the bankers said.

Relatively benign local bond yields have made such funding through this route cheaper compared to US dollar debt, as Treasury yields have witnessed a massive spike, the bankers added.

The latest issuance would take the company's outstanding bonds to 540 billion rupees.