Indian billionaire Ambani's Reliance Industries eyes $1 bln debt fundraise, bankers say

Reliance Industries Ltd., the Mumbai-based conglomerate led by Mukesh Ambani, is planning a debt fundraise of about 100 billion rupees ($1.04 billion) through a sale of 10-year notes carrying a coupon of 7.90% per year. Bankers familiar with the plan said bids from investors are expected to be invited next week or the following week, with the issue to be marketed via a standard book-building process. The proposed bond sale underscores Reliance’s continued use of debt markets to finance its diversified portfolio, encompassing energy, petrochemicals, and its growing telecommunications and consumer businesses, as it pursues expansion and refinancing needs. The 10-year tenor and the 7.90% coupon are designed to attract long-dated funds, with final size and pricing to be determined once orders are received. Market participants will assess the issue against Reliance’s credit profile, liquidity, and the broader environment for Indian corporate bonds. While specific terms beyond the coupon and tenor have not yet been disclosed, the move aligns with previous forays by the group into debt markets to support capital expenditure and strategic investments. Further details, including allocation and use of proceeds, will be announced after the book-building process.