 "Reliance Jio")
Reliance Jio Infocomm, a subsidiary of Reliance Industries, on Thursday issued Rs 2,000 crore of five-year non-convertible debentures (NCDs) digitally through the electronic bidding platform route. The NCDs will bear a coupon of 8.32 per cent per annum to be paid annually.
The issue has been assigned a rating of 'AAA' by CRISIL and ICRA. The proceeds of the issuance shall be utilised by RJIL for rolling out a state-of-the-art digital services business in India.
This is also the largest debt issuance in the Indian market by any issuer since the EBP has been mandated by Securities and Exchange Board of India for private placement of debt, effective 1st July this year.
The transaction was fully subscribed within minutes of opening and was eventually over-subscribed with a total book size in excess of INR 3500 crores, Reliance Jio said. Key investors include the prominent asset management companies and banks.
"We are overwhelmed by the response that we have received for our maiden issuance on the BSE-BOND platform. It reinforces the faith investors have in our next generation digital services business. The launch of the EBP platform is a significant step towards the development of market infrastructure for Indian Corporate Bond market. It will make the debt issuance process significantly more smooth and transparent for issuers as well as investors" said Soumyo Dutta, Treasurer, Reliance Industries Limited.
