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Reliance Jio to raise Rs 20 billion through non-convertible debentures

June 14, 2018

Reliance Jio Infocomm Limited (RJIL) is planning to  raise about Rs 20 billion through a non-convertible debenture (NCD) issue in 2018-19, according to its annual report for FY18. This decision has come soon after the Reserve Bank of India raised the policy rate for the first time in more than four years.

The bonds would have a tenor of three years and be sold on the exchange with a coupon of 8.7 per cent, the company said.

As per industry sources, a state-owned bank may buy the entire quantum because of the backing of triple A rating. The proceeds are expected to be used for Jio’s expansion.

The telecom company recently raised $500 million through a syndicated Samurai loan from three Japanese banks, including Bank of Tokyo-Mitsubishi UFJ (MUFG), Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Bank, The floating-rate loan is for a seven-year period.

“The board may, at an appropriate time, consider offering or inviting subscriptions for secured or unsecured redeemable non-convertible debentures, in one or more series or tranches on private placement, issuable or redeemable at par, in order to augment long-term resources for financing inter alia the ongoing capital expenditure and for general corporate purposes,” the company said.

 
 

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