Reliance Industries (RIL) plans to raise at least $1 billion through bonds denominated in US dollars, bankers said today.
The proceeds will be used to refinance $765 million of loans the company has taken for its acquisition of shale gas ventures in the US.
Reliance Holding USA, Inc, a wholly-owned subsidiary of RIL, has mandated Bank of America, Merrill Lynch, Citi, HSBC and The Royal Bank of Scotland as joint book-runners and joint lead managers for the proposed benchmark 10-year and 30-year US Dollar bond offering.
The issue is guaranteed by RIL, said the announcement issued by bankers.
The transaction is expected to be launched following a roadshow commencing on October 6.