Mukesh Ambani's RIL allots NCDs worth Rs3,600cr via private placement

The shares were allocated on private placement having face value of Rs10 lakh each

May 21, 2020 09:05 IST India Infoline News Service

Reliance-Industrial-Infrastructure-Limited
Reliance Industries continues its fundraising plan at full swing with bagging massive investment in Jio Platforms and issuing rights among few. In the latest development, RIL has now allotted 36,000 Unsecured Redeemable Non-Convertible Debentures (NCDs) which are worth Rs3,600cr.

The shares were allocated on private placement having face value of Rs10 lakh each. Further, the allocation was carried in four tranches.

RIL first allocated 30,000 unsecured, redeemable, floating coupon, NCDs of the face value of Rs10 lakh each, for cash, aggregating Rs3,000cr. This was done along with an option to retain oversubscription up to 6,000 unsecured, redeemable, floating coupon, NCDs having the same face value amounting to Rs600cr.

CRISIL and CARE Ratings have given stable credit rating on the issue CRISIL AAA/ Stable and CARE AAA/Stable respectively.

RIL issued NCDs on May 19, for a tenor of 3 years and 4 months 2 days from the date of allotment. Hence, the issue will mature on September 21, 2023.

In case of default in payment of interest and/or Redemption Amount on due dates, RIL said additional interest 2% p.a. over the Coupon Rate will be payable by the Issuer for the period of default.

Related Story