Reliance Industries plans to raise Rs 25,000 crore via non-convertible debentures to replace high-cost debt, fund telecom expansion

Updated On : 27 Jun , 2017 , 12:50 PM
Reliance Industries  File photo
Reliance Industries File photo
New Delhi:

Diversified industrial conglomerate Reliance Industries Ltd is all set to raise Rs 25,000 crore through privately placed debentures as the Mukesh Ambani led firm aims to replace existing high-cost borrowings as well as build a large cash corpus for its aggressive expansion strategy in the telecom space.

The Mukesh Ambani-led firm sought shareholders' approval to issue redeemable non-convertible debentures (NCDs) on private placement.
In a stock exchange notice, RIL said the company's annual general meeting will be held on July 21 to consider the fund raising.

A shareholder resolution sought nod "to offer or invite subscriptions for secured / unsecured redeemable non- convertible debentures, in one or more series / tranches, of an aggregate nominal value up to Rs 25,000 crore on private placement."

It sought to authorise the Board of Directors to "determine and consider proper and most beneficial to the company including, without limitation, as to when the said debentures are to be issued, the face value of debentures to be issued, the consideration for the issue, mode of payment, coupon rate, redemption period, utilisation of the issue proceeds and all matters connected."

First Published : Tuesday, June 27, 2017 12:36 PM

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