BackReliance Jio raises Rs2,000 crore selling non-convertible debentures
The money will be used for its 'state-of-the-art digital services business,' which is expected to be launched this financial year
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Mumbai: Reliance Jio Infocomm Ltd (RJIL) on Thursday said it has raised ₹ 2,000 crore by selling non-convertible debentures (NCDs).
The five-year debentures will bear a coupon of 8.32% per annum, payable annually. The issue was over-subscribed with a total book size in excess of ₹ 3,500 crore. Rating firms Crisil Ltd and ICRA Ltd have rated the issue AAA. Key investors include asset management companies and banks.
In a statement, the Reliance Industries Ltd (RIL) subsidiary said the money will be used for its “state-of-the-art digital services business," which is expected to be launched this financial year.
Reliance Jio said it is the first non-financial company to raise funds digitally through an electronic bidding platform (EBP). “This is also the largest debt issuance in the Indian market by any issuer since the electronic bidding platform has been mandated by Securities and Exchange Board of India (Sebi) for private placement of debt, effective 1 July this year,’ the statement said.
“We are overwhelmed by the response that we have received for our maiden issuance on the BSE-BOND platform. It reinforces the faith investors have in our next generation digital services business," said Soumyo Dutta, treasurer, Reliance Industries Ltd.
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