RIL Planning To Raise 25,000 Crore Through NCDs To Expand Jio

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The Mukesh Ambani-led Reliance Industries Limited (RIL) is planning an approximately 25,000 crore hike to expand its Reliance Jio business via the help of privately-placed debentures. This is being as a bid by the company to replace the currently prevailing high-cost borrowings, as well as raise funds for Jio’s expansion.

For this, the company has sought agreement with the shareholders for the issuing of redeemable Non-convertible Debentures (NCDs).

Also Read: Reliance Jio Services About To End, Here’s How To Check Your Balance And Validity

Reliance Jio Prime Membership Launched

RIL has scheduled its annual general meeting on July 21, in a bid to deliberate on the fundraising issue,  while a shareholder resolution has asked for the permission to “offer or invite subscriptions for secured / unsecured redeemable non- convertible debentures, in one or more series/tranches, of an aggregate nominal value up to Rs 25,000 crore on the private placement.”

The resolution has also asked the Board of Directors to “determine and consider proper and most beneficial to the company including, without limitation, as to when the said debentures are to be issued, the face value of debentures to be issued, the consideration for the issue, mode of payment, coupon rate, redemption period, utilisation of the issue proceeds and all matters connected.”

Furthermore, the Board of Directors of the company has also bee asked to take every plausible measure for the fundraising procedure.

Also Read: Reliance JioFiber Preview Offer Will Be Available In These Cities

The company had earlier raised Rs. 30,000 crore in the 2015-16 financial year, courtesy a rights issue, while this year, it stands to raise the same amount through a rights issue of optionally convertible preference shares to invest in the company’s telecom unit, Reliance Jio Infocomm.

Anurag SharmaAnurag Sharma

Passionate Storyteller, Occasional Writer. \m/ Journalism Undergrad. Trying to win at life one sentence at a time. Why so serious? Let's put a smile on that face. 8)

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