Reliance Industries to raise $5 billion to pay-off existing borrowings

Reliance Industries to raise $5 billion to pay-off existing borrowings

• By Staff Writer

Reliance Industries Ltd said that it will raise $5 billion in foreign currency-denominated bonds to pay off existing borrowings of the company. The company said in an exchange filing that its Finance Committee approved the proposal for issuance of US Dollar-denominated fixed-rate notes on Saturday. The bond sale is poised to become the single largest such borrowing by an Indian company.