Reliance Industries (RIL), India's largest
private sector company on all major financial parameters, gained on
Wednesday after raising USD 800 million (Rs 43 billion) from
overseas investors through 5.875% senior perpetual notes. The funds
raised via perpetual notes will be used to part finance its
expansion plans.V Srikanth, joint chief financial officer of
Reliance commented, "We are delighted that top quality
institutional and retail investors equally participated in this
landmark offering from Reliance. This is a strong testimony to our
credit profile as we extend our debt maturities, diversify our
sources of financing and at the same time retain flexibility to
manage the cost of debt." Reliance, which has nearly Rs 810 billion
in cash balance, will be investing over Rs 1,000 billion by
expanding its petrochemical capacities and adding value to its
refining business.
Shares of the company are trading at Rs
897.15, up Rs 14.6, or 1.65% at the Bombay Stock Exchange (BSE) on
Wednesday at 11:25 a.m.
The scrip has touched an intra-day high of Rs 902.85 and low of Rs 886.35. The total volume of shares traded at the BSE is 543,941.
In the earlier session, the shares fell 1.68%, or Rs 15.1, at Rs 882.55. Currently, the stock is trading down 6.04% from its 52-week high of Rs 954.80 and above 33.7% over the 52-week low of Rs 671.
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