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RJIL raises Rs 25 billion in corporate bonds from Axis Bank

Monday, 16 April 2018

Reliance Jio Infocomm Limited (RJIL) has raised Rs 25 billion in corporate bonds from Axis Bank over a term of five years at an interest rate of 8 per cent. The proceeds have been earmarked for its proposed expansion.

This is the largest deal under the electronic bidding platform this year. Under the new regulatory norms beginning effective since the beginning of this financial year, every borrower has to go through electronic bidding platforms, available in exchanges unlike the practice of personal negotiations with investment bankers.

Last week, RJIL raised $500 million through a syndicated Samurai loan from three Japanese banks, including Bank of Tokyo Mitsubishi UFJ (MUFG), Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Bank. The floating rate loan is for a seven-year period.

Earlier, Reliance Industries Limited’s (RIL) board approved raising Rs 200 billion through debt in tranches. RJIL’s capex needs include about Rs 250 billion to be paid to RCOM for wireless assets, including spectrum, towers, optic fibre and switching nodes.

 
 

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