Fund-Raising
Sources say RJio likely to raise INR 15 bln-INR 20 bln via May CPs Tue
This story was originally published at 21:34 IST on 7 April 2025
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--Sources: Reliance Jio Infocomm to raise INR 15 bln-INR 20 bln via CPs Tue
By Siddhi Chauhan
MUMBAI – Reliance Jio Infocomm Ltd. is likely to raise INR 15 billion to INR 20 billion through commercial papers on Tuesday, sources aware of the company's plans told Informist. The telecom major is expected to likely raise funds through a paper maturing in a little over one month.
"Reliance Jio were looking to raise funds today but they couldn't get the required levels they wanted. So they will likely issue tomorrow (Tuesday) through paper maturing in mid-May," a dealer at a brokerage firm said. "Today (Monday), 6.40% was offered and the bid 6.50%, so the paper would be issued within these levels."
The telecom major is seeking to tap the short-term debt market to roll over upcoming maturities this month, sources said. In April, CPs worth INR 35.50 billion of Reliance Jio Infocomm are set to mature, according to data compiled by Informist. The company is seeking to raise funds before the redemptions begin on Apr. 15, the sources said.
The market will price the paper in line with the one-month paper issued by manufacturing companies, they said. On Monday, the indicative yield on Larsen & Toubro Ltd.'s one-month paper was 6.40-6.45%, dealers said. There were no deals struck for CPs in the primary market.
In the quarter ending December, the country's largest cellular network service provider reported a profit after tax of INR 64.8 billion. The company witnessed a sequential growth of 3.9%. On Monday, shares of parent Reliance Industries Ltd. closed 3.2% lower at INR 1,165.70 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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