BackRIL says not raising money in the bond market
Firm was previously reported to raise $1 billion by selling 10-year bonds to investors abroad
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Mumbai: Reliance Industries Ltd (RIL) on Wednesday denied it is currently raising funds in the overseas bond market.
“Our attention has been drawn to a story circulating in the market and a section of the media to the effect that RIL has hit the overseas debt market to raise $1 billion in bond sale. We would like to point out that this is not true," a company spokesperson said in an emailed statement.
It was reported on Monday that the company is set to raise $1 billion by selling 10-year bonds to investors abroad, taking the company’s foreign borrowings to more than $10 billion over the last three years.
According to company announcements, in 2012, RIL had raised $5.6 billion through foreign currency loans and bonds. In 2013, it raised $800 million. And thus far in 2014, it has raised $3.3 billion, taking its total overseas borrowings to $9.7 billion over the three-year period.
These overseas borrowings were largely made to fund its mega petrochemical expansion and its new fourth generation telecom venture.
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