Reliance plans to raise debt up to US$5 billion: Report
Reliance Industries Ltd said it plans to raise up to $5 billion in debt and use the proceeds primarily to refinance its existing loans.
The Mukesh Ambani-owned oil and gas group said the fixed-rate proposal, which could be issued in one or more tranches, was approved by the board during a meeting on Saturday.
Although the company did not provide further details on the use of the proceeds, economic newspaper said it would be used to refinance previously from debt collected from international investors, with a package of loans coming due in the next three to four months.
The paper said the offering would be the largest offshore fundraising by an Indian borrower anytime soon, adding that the move would not be indebted to the company.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
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