Share price of Reliance Industries Ltd (RIL) rose over 5% intra day after the conglomerate raised Rs 8,500 crore from the sale of non-convertible debentures (NCDs)
This comes after the Reserve Bank of India decided to provide additional liquidity to banks to fund companies impacted by covid-19.Taking advantage of cheaper funds flooding the debt market the conglomerate raised Rs 8,500 crore via NCDs. Following the news, shares of RIL opened with a gain of 4.39% today and later touched an intraday high of Rs 1,229, rising 5.24% on BSE.
RIL stock trades higher than its 5 and 20 day moving averages but lower than 50, 100 and 200-day moving averages. The stock has gained 6.78% in the last 2 days of trade. RIL stock price has gained 0.77% in one week and 21.77% in one month.
'RIL has mopped up Rs 8,500 crore from an NCD issue today (Friday). The issue consists of a three-year fixed tenor tranche of Rs 4,000 crore offering 7.20 per cent coupon, and a Rs 4,500-crore floating rate tranche offering 7.2 per cent, which is a 280-bps spread over the repo rate,' a market source told PTI.
India's largest retail and telecom provider company said the proceeds from the non-convertible debenture (NCD) issue will be used to refinance debt.
Shares of Reliance Industries closed at Rs 1,225 today, rising 56.35 points or 4.82% on BSE.