Reliance Raises $4 Billion In India's Largest-Ever Foreign Currency Bonds Issue

Reliance Industries Limited on Thursday said it has raised $4 billion in debt through the largest ever foreign currency bond issuance

Reliance Industries Limited (RIL) on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity.

The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings.

The issue was "nearly 3 times oversubscribed with a peak order book aggregating around USD 11.5 billion," the company said in a statement.

This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Limited's $2.2 billion US dollar bonds issue of 2014.