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RIL share price rises 4% intra day on plan to raise Rs 10,000 cr via bonds

BusinessToday.In     April 15, 2020

Reliance Industries Ltd (RIL) share price rose in early trade today amid reports that the Mukesh Ambani-led conglomerate was looking to raise around Rs 10,000 crore by issuing bonds. Share price of RIL surged 3.93% to Rs 1,235 compared to the previous close of Rs 1,189 on BSE.

Share price of Reliance Industries, which runs the world's biggest refining complex at Jamnagar in Gujarat, has lost 5.38% in last two sessions. The RIL stock lost ground on profit-booking and closed 3.30% or 39 points lower at Rs 1,150 on BSE. It has gained 3.9% in last one month.

The large cap stock has fallen 14.16%  during last one year and lost 24.04% since the beginning of this year.

On December 20 last year, the stock had hit its 52-week high of Rs 1,617 on BSE.  It touched fresh 52-week low of Rs 875 on March 23 this year.

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Total 8.34 lakh RIL shares amounting to turnover of Rs 98.59 crore changed hands on BSE. Market cap of the RIL stood at Rs 7.29 lakh crore on BSE.

RIL's plan to raise funds by issuing bonds came after the Reserve Bank of India (RBI) last month decided to provide additional liquidity in the system to help borrowers dealing with the economic damage caused by coronavirus pandemic.

The oil-to-telecom conglomerate was holding talks with banks to raise the amount through bond sale this week. Earlier this month, the board of RIL approved a proposal to raise up to Rs 25,000 crore through non-convertible debentures (NCDs) in tranches, on a private placement basis.

The company is looking at refinancing Rs 10,000 crore worth of non-convertible debentures (NCDs) maturing in this financial year, and a portion of high cost loans with private placement of new NCDs.

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By Aseem Thapliyal

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