Reliance Industries Ltd said it plans to raise up to $ 5 billion in dollar-denominated debt and primarily use the proceeds to refinance its existing loans.
The Mukesh Ambani-owned oil-to-telecom conglomerate said the proposal for fixed-rate banknotes, which could be issued in one or more tranches, was approved by the board at a meeting on Saturday.
Although the company did not provide further details on the use of the proceeds, the Economic Times newspaper said it will be used to refinance past debt raised by international investors, with a bundle of loans on the way to maturity in the next three to four months.
The newspaper said the offer would be the largest offshore raising of an Indian borrower at one time, adding that the move would be debt-neutral for the company.
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