Reliance Industries Ltd.

Reliance Industries (RIL), country’s largest company by market value, has launched an issue of bonds in Singapore and Hong Kong markets to raise a minimum $500 million. The company has already raised $4 billion from overseas in the current financial year and this is the fifth time that the company is raising long-term debt this fiscal.

The initial pricing is 6 per cent over the US treasury. Bank of America, Citi, HSBC, Barclays Deutsche Bank, JP Morgan and RBS are managing the issue. The company is planning to use fund for ongoing capital expenditure in the exploration and refining sector in India.

Meanwhile, rating company Standard and Poor’s (S&P) has assigned a ‘BBB long-term issue rating’ to the bonds. The rating reflects the company’s strong competitive position and good business diversity. In addition, the company has low leverage and strong cash flows and liquidity.

RIL is India's biggest private sector company, and its operations range from oil and gas exploration and production to refining and petrochemicals.