Thanks to a $5.7 billion deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Reliance Industries has doubled the average life of its debt to around 7.5 years.
Reliance announced a rights issue of Rs 53,125 crore, which it said was the biggest in India.
All eyes are on the second file that K Chandrasekara Rao is expected to sign as the chief minister of Telangana. It pertains to the compensation for those who laid down their lives for the Telangana struggle is highly anticipated one.
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