India’s Reliance to sell Rs. 50 billion debentures in fourth tranche

By Sarah Lizee

Olympia, Wash., Nov. 3 – Reliance Industries Ltd. informed the Bombay Stock Exchange that it plans to issue Rs. 50 billion nonconvertible debentures in a private placement on Wednesday.

The issue is the fourth tranche under authority given by shareholders at an annual general meeting held on July 21, according to the notice.

The net proceeds of the issue will be used to refinance existing borrowings and for general corporate purposes, among other things.

Reliance Industries is a Mumbai, India-based petrochemical and retail conglomerate.

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