 "Reliance Capital raises $300 million via private placement")
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 over subscription by way of a green shoe option of up to $150 million). The issue was fully subscribed, including the green shoe 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.