Mumbai: Mukesh Ambani-led Reliance Industries Ltd (RIL<\/a>) raised Rs 2,795 crore in a domestic bond sale Friday, taking advantage of a market<\/a> flush with liquidity to reduce borrowing costs, dealers said. This follows Rs 8,500 crore it raised via the same route on April 17. Also on Friday, the RIL group collectively raised Rs 2,325 crore via short-term commercial paper (CP) and other money market instruments, dealers said. 孟买:穆克什Ambani-led信实工业有限公司(瑞来斯)提出了2795卢比周五国内债券销售,利用市场充裕的流动性降低借贷成本,经销商说。在此之前8500卢比提高4月17日通过同样的途径。同样在周五,瑞来斯集团集体通过短期商业票据募集了2325卢比(CP)和其他货币市场工具,交易商说。
The five-year bonds<\/a> sold Friday offered 7.4 per cent, which is about 150 basis points higher than similar maturity government papers. Bond traders<\/a> find it reasonable cheap rate, <\/b>reflecting the cut in borrowing costs due to emergency action by the Reserve Bank of India on March 27 to cope with the effects of the Covid-19 pandemic. Had RIL raised the money before March 27, the company would have had to offer at least 100-120 basis points more, dealers said. A basis point is 0.01 percentage point.![](\"https:\/\/ci6.googleusercontent.com\/proxy\/x7Az90uC0FlqG1NQNJvbQl7YtYRlnWzoqu2O_ZLb9xIKhYpJarh3aZrZ_qlU6_VKMQpRwI5_nDi9FsJOqf0XSQHw_6yv1VK7rhIBScGS2g=s0-d-e1-ft#https:\/\/ssl.gstatic.com\/ui\/v1\/icons\/mail\/images\/cleardot.gif\"){kind=spacer}
Axis Bank, Yes Bank, ICICI Bank and SBI Caps are said to have bought the bonds on Friday, three market sources told ET. Some investors may sell the debt in the secondary market, they said, adding that Axis Bank could have been the largest investor in the bond sale. RIL did not reply to ET’s queries. Individual investors could not be contacted immediately for comment.
The proceeds will be used either to refinance debt at India’s most valuable conglomerate or support normal business activities.
The RBI<\/a> said March 27 it would lend as much as Rs 1 lakh crore under Targeted Long Term Repo Operations (TLTRO) to lower yields in the secondary market and invest in primary issues to help spark credit growth and revive the economy. But banks have been parking more than Rs 7 lakh crore daily with the RBI’s reverse repo window that now earns a quarter percentage point lower after it was cut to 3.75 per cent, reflecting lenders’ risk aversion and their preference for safe havens.
Regarding the Rs 2,325 crore borrowed on Friday, short-term money is normally used for working capital. Companies like RIL may have higher working capital needs with the country under lockdown. Of the Rs 2,325 crore, RIL mopped up Rs 550 crore offering 5.98% at about 11-month maturity. Reliance Jio<\/a> Infocomm sold CPs<\/a> worth Rs 1,775 crore paying 5.88-6% at a three-month maturity.
Facebook will invest Rs 43,574 crore in Jio Platforms for a 9.99 per cent stake, the two companies had said on April 22. Jio Platforms is the parent of Reliance Jio Infocomm.
Ambani, India’s richest man, had promised shareholders in August 2019 that RIL would be a “zero net-debt company” in 18 months. The last series of bonds--nonconvertible debentures—are part of a broader strategy to either stretch leverage maturity or reduce net debt. RIL had outstanding debt of Rs 3.07 lakh crore at the end of December 2019.
“Banks are now seeking safe investment bets as they have turned risk averse amid the economic crisis,” said a senior executive involved in the company’s fund raising plans.
Earlier this month, brokerage Morgan Stanley said that RIL’s net debt will fall even if energy and retail demand struggles for six months. The brokerage said that net debt might not decline if asset sales are pushed out, but it still might not rise in FY21. Goldman Sachs said that concerns over the balance sheet and free cash flow were overdone.
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五年债券周五提供7.4%出售,这是类似高出150个基点成熟政府文件。债券交易员找到合理的廉价的率,反映了削减借贷成本由于紧急行动由印度储备银行于3月27日应对Covid-19大流行的影响。瑞来斯提出了钱在3月27日之前,公司必须提供至少100 - 120个基点,交易商说。一个基点是0.01%。
Axis银行,对银行ICICI银行和印度国家银行股周五购买债券,三个市场消息人士告诉等。一些投资者可能在二级市场上出售的债务,他们补充说,Axis银行可能是最大的投资者出售债券。瑞来斯没有回复等的查询。未能联系到个人投资者立即置评。
所得将用于再融资的债务在印度最有价值的企业集团或支持正常的业务活动。
的印度储备银行3月27日表示,将提供多达1十万的卢比在目标长期回购业务(TLTRO)在二级市场收益率低,投资主要问题来帮助刺激信贷增长和振兴经济。但银行一直每天停车超过7十万的卢比央行逆回购的窗口,现在挣25个基点后低降至3.75%,反映银行的风险规避和偏爱的避险资产。
关于2325卢比周五借来的,短期资金通常是用于营运资金。瑞来斯这样的公司可能有更高的营运资金需求与封锁下的国家。2325卢比,瑞来斯抹去550卢比提供5.98%约为11个月成熟。依赖JioInfocomm出售CPs价值1775卢比支付5.88 -6%,三个月成熟。
Facebook将投资43574卢比Jio平台9.99%的股权,这两家公司曾表示4月22日。Jio平台是依赖的父母Jio Infocomm。
安巴尼,印度首富,承诺股东在2019年8月,瑞来斯将在18个月内“零净债务公司”。最后一个系列的债券——不可兑换的debentures-are更广泛战略的一部分延伸利用成熟或减少净债务。瑞来斯的未偿债务3.07十万的卢比在2019年12月底。
“银行现在寻求安全的投资赌注,因为他们已经规避风险在经济危机中,”一位高管表示参与公司的融资计划。
本月早些时候,经纪公司摩根士丹利(Morgan Stanley)说,瑞来斯的净债务会即使能源和零售需求奋斗了六个月。经纪公司表示,净债务可能不会减少如果推出资产出售,但它仍然可能不FY21上升。高盛(Goldman Sachs)表示,担忧资产负债表和自由现金流是过头了。
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Mumbai: Mukesh Ambani-led Reliance Industries Ltd (RIL<\/a>) raised Rs 2,795 crore in a domestic bond sale Friday, taking advantage of a market<\/a> flush with liquidity to reduce borrowing costs, dealers said. This follows Rs 8,500 crore it raised via the same route on April 17. Also on Friday, the RIL group collectively raised Rs 2,325 crore via short-term commercial paper (CP) and other money market instruments, dealers said.
The five-year bonds<\/a> sold Friday offered 7.4 per cent, which is about 150 basis points higher than similar maturity government papers. Bond traders<\/a> find it reasonable cheap rate, <\/b>reflecting the cut in borrowing costs due to emergency action by the Reserve Bank of India on March 27 to cope with the effects of the Covid-19 pandemic. Had RIL raised the money before March 27, the company would have had to offer at least 100-120 basis points more, dealers said. A basis point is 0.01 percentage point.
Axis Bank, Yes Bank, ICICI Bank and SBI Caps are said to have bought the bonds on Friday, three market sources told ET. Some investors may sell the debt in the secondary market, they said, adding that Axis Bank could have been the largest investor in the bond sale. RIL did not reply to ET’s queries. Individual investors could not be contacted immediately for comment.
The proceeds will be used either to refinance debt at India’s most valuable conglomerate or support normal business activities.
The RBI<\/a> said March 27 it would lend as much as Rs 1 lakh crore under Targeted Long Term Repo Operations (TLTRO) to lower yields in the secondary market and invest in primary issues to help spark credit growth and revive the economy. But banks have been parking more than Rs 7 lakh crore daily with the RBI’s reverse repo window that now earns a quarter percentage point lower after it was cut to 3.75 per cent, reflecting lenders’ risk aversion and their preference for safe havens.
Regarding the Rs 2,325 crore borrowed on Friday, short-term money is normally used for working capital. Companies like RIL may have higher working capital needs with the country under lockdown. Of the Rs 2,325 crore, RIL mopped up Rs 550 crore offering 5.98% at about 11-month maturity. Reliance Jio<\/a> Infocomm sold CPs<\/a> worth Rs 1,775 crore paying 5.88-6% at a three-month maturity.
Facebook will invest Rs 43,574 crore in Jio Platforms for a 9.99 per cent stake, the two companies had said on April 22. Jio Platforms is the parent of Reliance Jio Infocomm.
Ambani, India’s richest man, had promised shareholders in August 2019 that RIL would be a “zero net-debt company” in 18 months. The last series of bonds--nonconvertible debentures—are part of a broader strategy to either stretch leverage maturity or reduce net debt. RIL had outstanding debt of Rs 3.07 lakh crore at the end of December 2019.
“Banks are now seeking safe investment bets as they have turned risk averse amid the economic crisis,” said a senior executive involved in the company’s fund raising plans.
Earlier this month, brokerage Morgan Stanley said that RIL’s net debt will fall even if energy and retail demand struggles for six months. The brokerage said that net debt might not decline if asset sales are pushed out, but it still might not rise in FY21. Goldman Sachs said that concerns over the balance sheet and free cash flow were overdone.
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