Reliance targets ₹10,000 crore 10-year bond issue with 7.90% coupon

Reliance Industries is set to issue ₹10,000 crore of 10-year rupee-denominated notes carrying a 7.90% annual coupon, marking the second phase of its planned mega-fundraising. The move follows a ₹12,000 crore five-year bond placement at a 7.47% coupon that concluded two weeks earlier. Sources said the company hopes to finalize the borrowing before the Reserve Bank of India's monetary-policy meeting on October 7.

Large private-sector banks are likely to serve as arrangers and may take a portion of the allocation themselves. The relatively low local bond yields make this financing cheaper than comparable US-dollar debt, especially after Treasury yields surged. If completed, the issuance will raise Reliance's total rupee bond portfolio to about ₹54,000 crore, adding to its record ₹20,000 crore sale in November 2023.