Reliance Industries plans to raise Rs 10,000 crore through a privately placed non-convertible debenture (NCD) issue to fund its ongoing capital expenditure, said the media report.
RIL will seek shareholders' nod on June 12 to "offer of invite subscriptions for secured/unsecured redeemable non-convertible debentures, in one or more series/tranches, aggregating up to Rs 10,000 crore on private placement" the company said in a filing to the Bombay Stock Exchange.
The terms and conditions as well as the timing of the issue will be decided by the board, the company said in an annual general meeting (AGM) notice to shareholders.
"The members of the company, at the 40th Annual General Meeting held on June 18, 2014, had authorised the Board of Directors of the company to offer or invite subscription for non-convertible debentures, in one or more series / tranches, aggregating up to Rs 10,000 crore on private placement," it said.The company, it said, has not made any private placement of non-convertible debentures pursuant to the said authorization.
"However, in order to augment long-term resources for financing, inter alia, the ongoing capital expenditure and for general corporate purposes, the Board may, at an appropriate time, offer or invite subscription for secured/unsecured redeemable non-convertible debentures, in one or more series / tranches on private placement, issuable/redeemable at par," it said.