Reliance Capital raises $300 mn via private placement

Reliance Capital raises $300 mn via private placement

Mumbai, Sep 6 (IANS) Reliance Capital, a part of the Anil-Ambani-led group, on Tuesday said it has raised $300 million through private placement of debentures with a tenure of 5 and 10 years.

“The issue size offered was $ 150 million with an option to retain oversubscription by way of a greenshoe option of up to $150 million). The issue was fully subscribed, including the greenshoe option, and will be listed,” the company said in a regulatory filing.

“The funds will be used to refinance existing debt and grow our lending business. Our debt-equity remains at a conservative 1.7 — among the lowest in the non-banking financial services sector,” said Sam Ghosh, Executive Director and Group Chief Executive of Reliance Capital.

“We will continue to maintain a healthy asset liability mix, and provide optimally priced funds for our high growth lending businesses.”

The secured redeemable non-convertible debentures have an annual coupon rate of 8.9 per cent for 5 years, and 9 per cent for 10 years.

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