RIL raises $1.4 bn in overseas debt to prepay Reliance Holding's loans

14 banks signed up for a deal last week that will give RIL the distinction of raising the highest debt from international lenders by an Indian firm

India’s largest corporate, Reliance Industries (RIL), has raised $1.4 billion to pre-pay its existing foreign loans and about 14 international banks signed up for the transaction last week. RIL will use the proceeds to repay loans of its subsidiary Reliance Holding USA.

With this, RIL is ending the year with the highest debt fundraising from international banks among Indian companies. A banker close to the development said some of the largest banks — including State Bank of India, Citibank, Barclays and DBS Bank —participated in the fundraise by with the instrument priced at 95 bps (basis points) above Libor.

A RIL spokesperson