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Informist, Thursday, Sept. 11, 2025

 

By Aaryan Khanna and Vaishali Tyagi

 

NEW DELHI/MUMBAI – Reliance Industries Ltd. plans to raise around INR 180 billion through pass-through certificates next week, three people aware of the development told Informist. The certificates are likely to carry a pass-through rate of 7.75% to investors and will be issued in tenures of three, four and five years with individual International Securities Identification Numbers, they said. According to some market participants, this is likely to be the single largest pass-through certificate deal in India.

 

Barclays India is the arranger for the issuance, the people said. Pass-through certificates are asset-backed securities that are issued by pooling assets into a special purpose vehicle that then issues certificates passing on income to end-investors. Jio Platforms Ltd., the telecommunications segment of the conglomerate, will be the originator of the assets receivable. The final details of the deal are in the works and the documentation has not been finalised, two of the people said.

 

An email sent to Reliance Industries remained unanswered till the time of publication. Barclays declined to comment.

 

ICRA Ltd. expects India's securitisation market to top INR 2.50 trillion in 2025-26 (Apr-Mar) from INR 2.35 trillion last year, with INR 510 billion of securitisation achieved in Apr-Jun, largely by non-bank financial companies. The ratings agency expects the volumes to be led by NBFCs through the year, and so the deal from the oil-to-telecom behemoth will bolster the still-nascent securitisation market in the country.

 

Reliance Industries draws 'AAA' ratings for its non-convertible debentures from domestic rating agencies. Top-rated corporate issuers can raise funds at around 6.70% via three-year bonds and around 7.00% through five-year bonds. The company's foreign currency long-term issuer rating is at par with the sovereign. With the opportunity for such an investment rare at a time when corporate bond issues have slowed, mutual funds and family offices are likely to vie aggressively to subscribe to the issuance. The pass-through certificates likely to be oversubscribed if the arranger allows it, the people said.

 

Bond market dealers said mutual funds have trimmed their holdings of government and corporate bonds over the past two days in order to preserve cash to participate in the issuance by Reliance Industries. According to Clearing Corp. of India data, mutual funds have sold INR 47.85 billion worth of gilts this week. On Wednesday, shares of Reliance Industries closed at INR 1,377.50, up 0.1% on the National Stock Exchange.  End

 

Edited by Avishek Dutta

 

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