Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is seeking to raise as much as 200 billion rupees ($2.4 billion) via rupee-denominated bonds, according to filings seen by Bloomberg.
The base size of the sale is 100 billion rupees with an option to retain subscriptions worth another 100 billion rupees. The 10-year bonds will be auctioned on Thursday and are rated AAA with a stable outlook by rating companies Crisil and CareEdge.
The transaction, once concluded, would be the biggest rupee sale ever for Reliance, Bloomberg-compiled data show. It would also be the conglomerate’s first domestic bond since 2020, according to the statistics. The filings confirm a Bloomberg News report last week that the Mumbai-based company was planning to sell local-currency bonds.
Reliance Industries is India’s largest company by market value, and its business interests range from petrochemicals refining to wireless communication services and consumer goods. It is expanding rapidly into 5G and venturing into new areas like green energy and financial services.