Mukesh Ambani-led Reliance Industries Ltd (RIL) plans to raise Rs 20,000 through non-convertible debentures (NCDs), the company announced on Friday. The NCDs will be issued on a private placement basis in the course of one or more tranches, it added.
The announcement came when the company was making public its financial results for the quarter ending December. The oil-to-telecom conglomerate posted net profit of Rs 15,792 crore marking a 15 per cent decline from Rs 18,549 crore in the year ago period.
In its regulatory filing, RIL said, “We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. January 20, 2023, has inter alia approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to Rs 20,000 crore, in one or more tranches / series, on a private placement basis.”
Notably, Gautam Adani-led Adani Group is also raising Rs 20,000 crore through a follow-on public offering (FPO). The FPO, which has a price band of Rs 3,112 - Rs 3,276 per share, will open on January 27.
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