Mukesh Ambani is going to make one of the biggest offshore debt issues to raise $2.25 billion for Reliance Jio
Reliance Industries is looking forward to raise $2.25 billion as it is hoping to replace existing high-cost borrowings and also create a reserve fund for its aggressive expansion strategy in telecom. Reportedly, in North America, Europe, the Middle East and Asia, about 10-12 investment bankers are involved and marketing roadshows are expected to start soon. ET reported the funds are expected to be raised through external commercial borrowings (ECBs) through syndicated loan. Securities may be priced 90-100 basis points over the London Interbank Offered Rate (Libor). The US 12-months Libor is now at 1.70 per cent. A basis point is one-hundredth of a percentage point. Last year, RIL raised nearly Rs 30,000 crore through a rights issue in two parts, in January and September. Recently, the company has announced that it would raise another Rs 30,000 crore through a rights issue of optionally convertible preference shares to invest in Reliance Jio Infocomm, the telecom unit...