Reliance Industries is returning to the Indian rupee bond market after nearly three years. The company plans to raise 125 billion rupees ($1.32 billion). This marks the largest single-tranche fundraising by a rated Indian firm since November 2023.
The company will issue five-year notes. These notes will carry an annual coupon of 7.47%. Reliance is also reportedly considering a separate 10-year bond issue.
Falling local bond yields have made domestic borrowing cheaper than issuing dollar-denominated debt. Large dollar inflows have significantly reduced five-year government bond yields since June.
Reliance expects to invite investor bids during the week ending September 18.