Reliance Plans First Local Debt Sale in Three Years With $1.32-Billion Fundraise
5paisa Capital Ltd
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Last Updated: 8th September 2026 - 03:59 pm
The multinational company Reliance Industries, which is owned by businessman Mukesh Ambani, is ready to re-enter the rupee bond market of India after remaining away from it for almost three years. It is believed that the issue will be the biggest single tranche fund-raising exercise for any rated firm since November 2023.
Invest in Indian Markets and Unlock Future Potential With 5paisa!The oil-to-telecom group intends to raise ₹12,500 crore, or $1.32 billion, through five-year notes carrying an annual coupon of 7.47%. Bids from investors are expected to be invited in the week ending September 18.
RIL's most recent rupee market transaction took place in November 2023 when the company borrowed ₹20,000 crore in the biggest rupee-denominated bond issuance from an Indian non-financial company.
The bankers declined to be named as they do not have permission to talk to the media. RIL was yet to comment on the matter, at least until the press release deadline.
Why rupee debt looks attractive now
A steep fall in yields on bonds of up to five years has made domestic borrowing cheaper than raising dollar debt, the bankers indicated. The five-year government bond yield has dropped 33 basis points since the beginning of June, driven largely by very large dollar inflows under the central bank's subsidised schemes.
Inflows led by the non-resident dollar deposit scheme pushed local yields lower at the same time as rising US Treasury rates raised the cost of dollar funding for Indian borrowers, widening the gap between the two routes.
Large private banks are arranging the transaction and are also expected to subscribe to part of the issue themselves.
Reliance is separately considering a 10-year bond offering and is in talks with bankers and investors on that possibility.
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