Reliance Industries up 2%, to raise US$800 million debt
DSIJ Intelligence / 21 Nov 2017
The Moody's rating agency has assigned Baa2 ratings to RIL's proposed USD bonds.
The stock of Reliance Industries (RIL) shot up 2 per cent on Tuesday post the company's announcement to raise US$ 800 million from overseas debt market.
The company has successfully priced its 10-year fixed rate senior unsecured notes issue for approximately US$800 million. The proceeds of the issue will be used for refinancing by redeeming the US$800 million 5.87 per cent existing senior perpetual unsecured notes. The issue will be listed on Singapore Exchange.
Meanwhile, the Moody's rating agency has assigned Baa2 ratings to RIL's proposed USD bonds. RIL has been borrowing heavily to support the company's expansion in the telecom sector through Reliance Jio.
At 09:59 hours on Tuesday, the stock of Reliance Industries was trading at Rs. 936.40 per share, up by 1.91 per cent.
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