RIL garners $250 million

Reliance Industries Ltd has raised $250 million through a syndicated loan from a group of leading international banks.

The loan, having a maturity of 60 months, has been raised at 90 basis points over the London Inter Bank Offered Rate (Libor).

The proceeds of the loan, the first such transaction after the recent liberalisation of external commercial borrowings (ECB) guidelines by the finance ministry and upgrade of India's sovereign rating to investment grade by Moody's, will be used to refinance Reliance's existing high-cost debt.

The syndicated loan received an overwhelming response from arranger banks.