Connect with us

Top News

RIL raises $800 mn through 10-year bonds at lowest rate

Published

on

Mumbai, Nov 21 (IANS) Reliance Industries Ltd (RIL) on Tuesday said it has raised $800 million by selling 10-year bonds in the first offering since Moody’s last week raised India’s sovereign rating after 14 years.

According to a Mukesh Ambani-led RIL release here, the bonds, priced at 3.66 per cent, were the lowest coupon ever achieved by an Indian corporate for a 10-year issuance, the company.

“The notes have been priced at 130 basis points over the 10-year US Treasury Note, at a price of 100 to yield at 3.667 per cent,” it said.

They “will bear fixed interest of 3.66 per cent per annum, with interest payable semi-annually in arrears and shall rank pari passu with all other unsecured and unsubordinated obligations of the company,” it added.

RIL will use the proceeds to refinance existing debt. India’s largest company has a debt of around $12 billion (Rs 75,000 crore) on its books, a major portion of which will mature next year.

“The company will use the proceeds to redeem its existing $800 million 5.875 per cent senior perpetual fixed rate unsecured notes pursuant to the terms of such notes,” it said.

The notes were oversubscribed more than 1.6 times across 90 accounts.

The statement said this was the tightest ever spread over US Treasury for an Indian entity for a 10-year issuance, as also the tightest ever spread over US Treasury for a 10-year BBB corporate issuance from Asia minus Japan since the global financial crisis.

Issued against the backdrop of the upgrade of the country ratings by Moody’s, RIL successfully concluded a swift intra-day execution to capitalise on the market window, according to Joint Chief Financial Officer V. Srikanth.

“This refinancing transaction was well received by high-quality investors across asset managers, insurance companies, and banks and helped us achieve substantial savings in interest cost over the life of the notes,” he said.

With the RIL rated at par with the sovereign rating, following the upgrade by Moody’s of India’s ranking, RIL too has been assigned a ‘Baa2’ grade.

Last week, US credit rating agency Moody Investor Service upgraded India’s sovereign ratings to ‘Baa2’ from its lowest investment grade of ‘Baa3’ and changed the outlook for the country’s rating to ‘stable’ from ‘positive’.

It said this was based on the Indian government’s “wide-ranging programme of economic and institutional reforms”.

On the rationale for RIL’s ‘Baa2’ rating, Moody’s said that it reflects the company’s strong ability to generate operating cash flows, with Ebidta, or operating income, exceeding $10 billion from its integrated refining and petrochemical operations, as well from its new digital services business.

–IANS
bc/tsb/bg

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending