Reliance Raises $4bn in India's Biggest Dollar Bond Issuance

Reliance Industries said on Thursday it raised $4 billion in India’s largest ever foreign currency bond deal.

The conglomerate raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year tranche and $750 million in a 40-year tranche.

Orders for the deal reached $7.25 billion and each of the tranches was bought primarily by Asian investors, the term sheet showed.

It was the largest ever foreign currency bond transaction in India, according to Dealogic figures, eclipsing the previous record set by ONGC Videsh in 2014 when it raised $2.2 billion in US dollar bonds.

“The company successfully priced fixed rate senior unsecured notes for an aggregate amount of $4 billion across three tranches in compliance with [US] Regulation S and Rule 144A,” Reliance told the stock exchange in Mumbai.

“The proceeds from the issuance of the notes will be utilised primarily for refinancing of existing borrowings,” Reliance added.

Moody’s Investors Service on Tuesday assigned a Baa2 rating to the bonds, with a stable outlook.

Reuters and George Russell

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.