Reliance Industries (RIL) subsidiary - Reliance Jio Infocomm (RJIL), has issued Rs 2,000 crore of 5 year Non-Convertible Debentures (NCDs), bearing a coupon of 8.32% per annum, payable annually. The issue has been assigned a rating of ‘AAA’ by CRISIL and ICRA. The proceeds of the issuance shall be utilized by RJIL for rolling out a state-of-the-art digital services business in India.
RJIL is the first issuer outside the financial services industry in India, to raise funds digitally through the electronic book mechanism (EBP) route. This is also the largest debt issuance in the Indian market by any issuer since the electronic bidding platform has been mandated by SEBI for private placement of debt, effective 1st July this year.
The transaction was fully subscribed within minutes of opening and was eventually over-subscribed with a total book size in excess of Rs 3,500 crore. Key investors include the prominent asset management companies and banks.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1435.70 |
| Indian Oil Corp. | 144.70 |
| BPCL | 302.85 |
| HPCL | 387.00 |
| MRPL | 167.90 |
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